Federal Probes of JPMorgan Chase Increase

Federal Probes of JPMorgan Chase Increase
Joe Mabel [CC BY-SA 3.0], via Wikimedia Commons

JPMorgan Chase & Co. (NYSE:JPM) is the target of even more investigations by authorities in the U.S.  These new investigations have nothing to do with the London Whale trading incident, although that incident will reportedly be the subject of a meeting between bank executives and investigators next month, according to DealBook. Now investigators are looking into the bank’s connection with Bernie Madoff and some misstatements about mortgages that were in foreclosure.

Federal Probes of JPMorgan Chase Increase

At this point, there are eight different federal agencies probing the bank’s actions and practices. The Federal Bureau of Investigation and federal prosecutors are also trying to determine if there was any wrongdoing on the part of the bank in connection with any of the investigations.

Crypto Hedge Fund Three Arrows Blows Up, Others Could Follow

CryptoA few years ago, crypto hedge funds were all the rage. As cryptocurrencies rose in value, hundreds of hedge funds specializing in digital assets launched to try and capitalize on investor demand. Some of these funds recorded double-digit gains in 2020 and 2021 as cryptocurrencies surged in value. However, this year, cryptocurrencies have been under Read More

DealBook reports now that the new investigations focus on determining just how much the bank knew about what admitted fraudster Bernie Madoff was doing while he was running his Ponzi scheme. They want to determine whether the bank failed to inform them about suspicious concerning Madoff.

Prosecutors believe JPMorgan Chase & Co. (NYSE:JPM) may have been in violation of a federal law requiring banks to tell officials about any transactions that appear to be suspicious. Madoff’s scheme was uncovered in 2008 when he ran out of cash to meet his customers’ redemption requests. He was sentenced to 150 years in prison. The trustee who was put in charge of liquidating Madoff’s company said JPMorgan Chase and other banks didn’t heed numerous warning signs about what Madoff was doing. The banks have denied the allegations.

In the other new investigators, authorities are reportedly said to believe that JPMorgan Chase & Co. (NYSE:JPM) “misstated” how it could have caused harm to over 5,000 people whose homes were in foreclosure. DealBook’s source said the Office of the Comptroller of the Currency will likely collect a payment from the bank to correct the “flawed” loan review.

Updated on

Michelle Jones is editor-in-chief for ValueWalk.com and has been with the site since 2012. Previously, she was a television news producer for eight years. She produced the morning news programs for the NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spent a short time at the CBS affiliate in Huntsville. She has experience as a writer and public relations expert for a wide variety of businesses. Email her at Mjones@wordpress-785388-2679526.cloudwaysapps.com.
Previous article Apollo, Blackstone And Carlyle Have Highest Upside: Credit Suisse
Next article Google Translate For Android Goes Offline

No posts to display