JPMorgan to Pay Up $2 Billion Over Role in Madoff Ponzi Scheme

JPMorgan Chase is expected to pay $2 billion to settle with federal authorities over its alleged role in Bernard Madoff’s Ponzi scheme. Authorities accused the bank of ignoring signs of Madoff’s activity and failing to warn authorities about the fraud. The bulk of the settlement, more than $1 billion, will go to prosecutors in Manhattan, while the rest will go to the Office of the Comptroller of the Currency, a unit of the Treasury Department and Madoff’s victims. The deal brings JPMorgan’s tally to $20 billion in settlements of government investigations in the past 12 months.

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