Home > Uncategorized > AlterNet – Shocking: JP Morgan Chase Was On to Madoff for Months, Kept Doing Business With Him

AlterNet – Shocking: JP Morgan Chase Was On to Madoff for Months, Kept Doing Business With Him

From AlterNet:

Shocking: JP Morgan Chase Was On to Madoff for Months, Kept Doing Business With Him

It’s been revealed that JP Morgan Chase suspected Bernie Madoff’s investments were “too good to be true” in the two months leading up to the Ponzi schemer’s arrest, during which time the bank kept doing business with him anyway.

According to ABC News, lawyers representing Madoff’s victims have filed a $6.4 billion lawsuit against JP Morgan Chase, claiming the bank “continued its relationship with Madoff despite having documented suspicions about him.”

Indeed, a “Suspicious Activity Report” shows that the bank’s London office was, well, suspicious of Madoff’s investment returns in October 2008. Madoff was arrested December 11 of that year.    Read more

By Lauren Kelley | AlterNet
Posted on Friday, December 3, 2010 @ 07:21 AM

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