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Financial Fraud Law

4 Keys to JPMorgan’s Expected Madoff Deal

Here are the four key elements of JPMorgan Chase’s likely settlement with federal prosecutors over charges against the bank relating to the Bernard Madoff Ponzi scheme: 

  1. The bank will pay $2 billion to settle civil charges and criminal charges under the Bank Secrecy Act;
  2. A portion – and perhaps a very large portion – of the $2 billion will go to victims of Madoff’s fraud;
  3. The bank will enter into a deferred prosecution agreement with the government –a first for a U.S.-based mega-bank; and
  4. No charges will be filed against bank officers or employees.

Terms may change before the expected deal is finalized - the Financial Fraud Law Blog will keep on top of this for you. 

Learn more: http://dealbook.nytimes.com/2014/01/05/jpmorgan-chase-nears-a-2-billion-deal-in-a-case-tied-to-madoff/?_r=0; http://online.wsj.com/news/articles/SB10001424052702303933104579304852561276512?mod=WSJ_hp_LEFTWhatsNewsCollection.

Contact the author at smeyerow@optonline.net. 

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