JPMorgan To Pay Record $1.7B To Settle Claims It Failed To Report Madoff Fraud

JPMorgan To Pay Record $1.7B To Settle Claims It Failed To Report Madoff Fraud

NEW YORK - JPMorgan Chase Bank NA has agreed to a civil forfeiture of a record $1.7 billion to settle claims that it violated provisions of the Bank Secrecy Act during its time as the primary bank for Bernard L. Madoff's massive Ponzi scheme, according to information released on Jan. 7 by federal authorities.

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