JPMorgan Chase & Co., the biggest U.S. bank by assets is being investigated by eight federal agencies amid suspicions the bank did not fully alert authorities to concerns about Bernard L. Madoff.
Madoff is now in prison for an $18 billion Ponzi scheme, and there are indications that JPMorgan was not forthcoming with authorities on suspicious trades related to Madoff, as required by law.
Among the agencies investigating JPMorgan there is the Federal Deposit Insurance Corporation Securities, the Securities and Exchange Commission, the Federal Bureau of Investigation and the Commodity Futures Trading Commission.
“We believe that the personnel who dealt with the Madoff issue acted in good faith in seeking to comply with all anti-money laundering and regulatory obligations”, JPMorgan spokesman Joe Evangelisti said
