As if things couldn’t any uglier for criminal enterprise JP Morgan, they now must shell out yet another billion dollar payment for their illegal activities.
This time it’s for helping Bernie Madoff launder money through the mega-bank. JP Morgan was invested with Madoff for some time, and became suspicious of his returns and accounting practices. Instead of trying to expose his fraud, they simply pulled $275 million out of Madoff’s feeder fund — one month before he was arrested.
It’ll cost them $1.7 billion dollars. Here’s the press release announcing the charges:
Criminal charges against JPMorgan Chase Bank, N.A. (include) two felony violations of the Bank Secrecy Act in connection with its relationship with Bernard L. Madoff Investment Securities, a deferred prosecution agreement with the bank, and related civil actions. The criminal charges against JPMorgan will be deferred for two years under an agreement requiring JPMorgan, among other things, to admit to its conduct; pay $1.7 billion to victims of Madoff’s fraud; and to reform its anti-money laundering policies. The $1.7 billion payment by JPMorgan is the largest ever bank forfeiture, and also the largest ever Department of Justice penalty for a Bank Secrecy Act violation.
Just another shameful episode in the JP Morgan criminal underworld. Scroll over the graphic below to view all of the other record setting fines that these banksters have accured…
