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JP Morgan To Pay $1.7 Billion To Madoff Fraud Victims

JP Morgan To Pay $1.7 Billion To Madoff Fraud Victims

(Undated)  --  JPMorgan Chase is agreeing to pay $1.7 billion dollars in civil and criminal settlements related to Bernie Madoff's huge Ponzi scheme. 

The bulk of the money will go to repaying thousands of investors who were bilked out of more than $17 billion.  Just $11.9 billion dollars of that money has been recovered. 

The deal includes a two-year deferred prosecution agreement.  The bank also agreed to improve its monitoring procedures related to possible money-laundering activity.  Madoff kept his main checking account with JPMorgan Chase for decades.      

 

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