fbpx

U.S. Judge approves JPMorgan criminal settlement in Madoff case

A federal judge on Wednesday approved an agreement between JPMorgan Chase & Co and U.S. prosecutors to settle charges that the bank violated anti-money laundering laws by failing to alert authorities to warning signs its employees encountered in dealings with convicted Ponzi schemer Bernard Madoff.
[additional-authors]
January 8, 2014

A federal judge on Wednesday approved an agreement between JPMorgan Chase & Co and U.S. prosecutors to settle charges that the bank violated anti-money laundering laws by failing to alert authorities to warning signs its employees encountered in dealings with convicted Ponzi schemer Bernard Madoff.

The settlement, which deferred the criminal charges against the bank until Jan. 8 2016, requires the bank to pay a $1.7 billion forfeiture and improve its anti-money laundering controls. If it meets the terms by the appointed date, prosecutors can chose to dismiss the charges against it.

Did you enjoy this article?
You'll love our roundtable.

Editor's Picks

Latest Articles

Cerf’s Up!

As the publisher and co-founder of Random House, Bennett Cerf was one of the most important figures in 20th-century culture and literature.

Are We Still Comfortably Numb?

Forgiving someone on behalf of a community that is not yours is not forgiveness. It is opportunism dressed up as virtue.

National Picnic Day

There is nothing like spreading a soft blanket out in the shade and enjoying some delicious food with friends and family.

John Lennon’s Dream – And Where It Fell Short

His message of love — hopeful, expansive, humane — inspired genuine moral progress. It fostered hope that humanity might ultimately converge toward those ideals. In too many parts of the world, that expectation collided with societies that did not share those assumptions.

Journeys to the Promised Land

Just as the Torah concludes with the people about to enter the Promised Land, leaders are successful when the connections we make reveal within us the humility to encounter the Infinite.

More news and opinions than at a Shabbat dinner, right in your inbox.