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December 18, 2013

JPMorgan blocked probe in Madoff case: government official

A U.S. Treasury Department watchdog tried to examine whether JPMorgan Chase & Co (JPM.N) interfered with a regulatory probe into its relationship with convicted felon Bernard Madoff but the largest U.S. bank was able to nip the inquiry in the bud, a government official said on Monday.

The U.S. Treasury Department’s Office of the Inspector General was examining whether JPMorgan interfered with the Office of the Comptroller of the Currency’s attempts to probe the bank’s relationship with Madoff, Rich Delmar, counsel to the inspector general, said in an email to Reuters.

Madoff had also separately told U.S. authorities that JPMorgan – the bank he had used during his decades-long investment scam – had tried to stop the OCC from getting information about their relationship, Delmar said.”

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Read full Reuters article here

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