JPMorgan’s $1.7 Billion Payment to Go to Madoff Victims

JPMorgan’s $1.7 Billion Payment to Go to Madoff Victims

 One of the very interesting aspects of the $2.05 billion settlement reached by J.P.Morgan Chase with federal prosecutors over the bank’s violation of the Bank Secrecy Act for failing to exercise proper oversight of Bernard Madoff’s business is what the government is planning to do with the $1.7 billion penalty it agreed to pay to the U.S. Attorney’s Office for the Southern District of New York.

According to U.S. Attorney Preet Bharara, the government intends to distribute that money to the victims of the Madoff fraud.

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