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January 8, 2014

JPMorgan to pay $2.6 billion for failing to report Madoff concerns

When Bernard L. Madoff’s Ponzi scheme was revealed five years ago, the big question was whether he pulled off the jaw-dropping crime by himself.

Madoff stubbornly claimed to have acted alone, but it became clear Tuesday that he got a significant assist from one of the world’s premier financial institutions.

JPMorgan Chase & Co. agreed to pay $2.6 billion for ignoring numerous warning signs that could have exposed the $17.5-billion fraud years earlier.


No JPMorgan employees were charged with wrongdoing — a fact that elicited anger from critics of Wall Street.

“‘Banks do not commit crimes; bankers do,’ said Dennis Kelleher, chief executive of Better Markets Inc., a watchdog organization. ‘Until individuals, including executives, are held personally liable, fined and jailed, the crime spree [on Wall Street] will continue.'”


Read full LA Times article here

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