1,000,000 + Attorneys and Legal Staff - Legal employers hire more people on LawCrossing than any other site.
Workplace Threat Vacated by Court of Appeals
Workplace Threat Vacated by Court of Appeals
Employee Claims Hobby Lobby Fired Her for Giving Birth
Employee Claims Hobby Lobby Fired Her for Giving Birth
Zillow Merges with Trulia for $3.5 Billion
Zillow Merges with Trulia for $3.5 Billion
Bribery Case Involving Wal-Mart Takes Interesting Turn
Bribery Case Involving Wal-Mart Takes Interesting Turn
Job Listings

JPMorgan Agrees to Pay $1.7 Billion to Victims of Madoff Ponzi Scheme

facebooktwittergoogle_plusredditpinterestlinkedinmail

It was announced on Tuesday that JPMorgan Chase & Co is going to pay $1.7 billion in penalties in order to settle the charges against the bank from United States federal authorities. The charges claim that JPMorgan Chase & Co did not report the suspicious activity that was related to the Ponzi scheme run by Bernard Madoff, according to Reuters.

Federal authorities said on Tuesday that the bank failed to monitor activity by customers that could involve money laundering within the Madoff case. With the agreement, the bank said it would improve its controls. The agreement also settles probes being conducted by two bank regulators into mistakes made by the bank with its anti-money laundering policies. Also, there is a two-year deferred prosecution agreement included.

JPMorgan also agreed to refrain from applying for a tax credit or tax deduction for the $1.7 billion is has to pay. The announcement on Tuesday also said that the payment will be given to the victims of Madoff’s Ponzi scheme.

By coming to this agreement, and making the payment, the bank is admitting to its failure to sound an alarm about the activities of Madoff. This occurred even when bankers from multiple areas pointed out problems with Madoff’s fund’s returns and inconsistencies.

What

 job title, keywords

Where

 city, state, zip



Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!


JPMorgan Chase & Co has quite a few job openings available at its locations throughout the country. Browse those jobs openings and thousands more at Granted.

JPMorgan Agrees to Pay $1.7 Billion to Victims of Madoff Ponzi Scheme by
facebooktwittergoogle_plusredditpinterestlinkedinmail

Tagged: , , , ,

Posted by on January 7, 2014. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
International Tax Associate
USA-NY-New York City

Prestigious foreign-based international law firm seeks 4th to 7th year U.S. tax associate for its New York office.  The candidate must have 4-7 years of experience in international taxation, pref...