“JPMorgan Chase got what it wanted – a deferred prosecution agreement a deferred prosecution agreement.
“The company was charged with two felony violations of the Bank Secrecy Act in connection with the banks relationship with Bernie Madoff.
“It had to pay a $1.7 billion penalty.
“And it had to “accept responsibility” for its conduct and stipulate for a statement of facts.
“But the government ended up deferring prosecution for two years, after which it will dismiss the charges, if JPMorgan abides by the agreement.
“JPMorgan Chase was represented by John Savarese, Steven DiPrima and Emil Kleinhaus of Wacthell Lipton in New York.
“’JPMorgan Chase paying $1.7 billion for its criminal conduct helping Bernard Madoff’s Ponzi scheme is good, but still inadequate to stop what can only be called a one-bank crime spree,’ said Dennis Kelleher of Better Markets.”
Read full Corporate Crime Reporter article here