Jpmorgan Reportedly Suspected Madoff Months Before Arrest - The Business Blotter - Portfolio.com

Too Good to Be True: The Rise and Fall of Bernie MadoffJpmorgan Reportedly Suspected Madoff Months Before Arrest - The Business Blotter - Portfolio.com: "ABC News says it has documents that prove JPMorgan Chase suspected Madoff was a crook two months before the notorious financier was arrested. That is basically what Madoff trustee Irving Picard said in his suit against JPMorgan,
Picard is seeking to recover $1 billion in profits and fees and $5 billion in damages from the bank on behalf of Madoff victims.
The bank's London office reported suspicions about a fund that did business with Madoff to the U.K.'s Serious Organized Crime Agency in October 2008, two months before Madoff was arrested. The bank did not alert U.S. authorities.
'The company filed the report, an attorney for JPMorgan would later say, after a representative of a Madoff feeder fund became angry when JPMorgan began removing money from the fund. The representative of Geneva-based Aurelia Finance, which was acting as an adviser to one of the feeder funds, allegedly hinted at violence against the JPMorgan employee involving Aurelia's 'Colombian friends' who could 'create havoc,'' ABC reported. The report also said that the bank described Madoff's results as 'too good to be true.'"

:Text may be subject to copyright.This blog does not claim copyright to any such text. Copyright remains with the original copyright holder.

Comments

Post a Comment

Popular posts from this blog

SFO investigates price rigging in foreign exchange market

The Serious Fraud Office (SFO) has launched a criminal investigation into allegations of price rigging in the £3tn-a-day foreign exchange market. The probe will look into allegations of "fraudulent conduct", the director of the SFO said in a statement. Around 15 authorities internationally are investigating allegations of collusion and price manipulation. It is alleged that traders used online chatrooms to plan the fixing of benchmark prices. The Financial Conduct Authority (FCA) said in October it had joined other regulators around the world in scrutinising firms over the potential manipulation of the foreign exchange market.
Read more

Shares in Standard Chartered dive after Iran allegations

Shares in Standard Chartered PLC dropped sharply today as investors reacted to US charges that the bank was involved in laundering money for Iran. The charges against Standard Chartered were a shock for a bank which proudly described itself recently as “boring.” Shares were down nearly 20 percent at 1,187 pence at one point in early trading Tuesday on the London Stock Exchange. In Hong Kong, they were down 16.6 percent near the end of the session. New York State Department of Financial Services alleged on Monday that Standard Chartered schemed with the Iranian government to launder $250 billion from 2001 to 2007, leaving the United States' financial system “vulnerable to terrorists.” Standard Chartered said it “strongly rejects” the allegations. In a statement, the bank said “well over 99.9 percent” of the questioned transactions with Iran complied with all regulations, and the exceptions amounted to $14 million. The New York regulato...
Read more

Barclays boss Bob Diamond resigns

Barclays chief executive Bob Diamond has resigned with immediate effect. The move comes less than a week after the bank was fined a record amount for trying to manipulate inter-bank lending rates. Mr Diamond said he was stepping down because the external pressure on the bank risked "damaging the franchise". Chairman Marcus Agius, who said on Monday he was stepping down, will take over the running of Barclays until a replacement is found. "I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth," Mr Diamond said in a statement. He will still appear before MPs on the Treasury Committee to answer questions about the Libor affair on Wednesday. "I look forward to fulfilling my obligation to contribute to the Treasury Committee's enquiries related to the settlements that Barclays announced last week without my leadership in question," Mr Diam...
Read more