Treasury tried to probe JPM over Madoff, could not enforce subpoena -counsel
NEW YORK Dec 16 (Reuters) - The U.S. Treasury Department's Office of the Inspector General tried to examine whether JPMorgan Chase & Co interfered with its regulator's oversight duties, according to a statement on Monday from the counsel to the inspector general, but the office failed to win permission to subpoena the bank.
Rich Delmar, counsel to the inspector general, said his office wanted to look into whether JPMorgan had hindered the Office of the Comptroller of the Currency in its attempts to probe JPMorgan's banking relationship with convicted Ponzi scheme operator Bernard Madoff.
"Mr. Madoff did reach out to the Treasury OIG, with information about his banking relations with JPMorgan," Delmar said in an email to Reuters.
"This office was looking into allegations made by JPMC's regulator, the Office of the Comptroller of the Currency (OCC), that its oversight of the bank was being impeded, specifically with respect to the bank's provision of banking services to Madoff. The OIG sought to obtain information from the bank on this issue, in order to test Madoff's assertions."
Delmar said his office tried to subpoena the bank for information, but JPMorgan contested the subpoena and the U.S. Justice Department decided not to enforce it.
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