Two years after the arrest of Bernard Madoff, ample evidence has emerged that a substantial number of major financial institutions profited from and knowingly facilitated his Ponzi scheme.
Irving H. Picard, the trustee for the investors who were defrauded by Madoff, filed a lawsuit against JPMorgan Chase on December 2 alleging that the bank knew that Madoff’s transactions were fraudulent but continued doing business with him.
“While many financial institutions enabled Madoff’s fraud, JPMC [JPMorgan Chase] was at the very center of that fraud and thoroughly complicit in it,” said David J. Sheehan, an attorney for Picard and a partner at Baker & Hostetler LLP, the trustee’s court-appointed counsel.'
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