JPMorgan to pay $350 million penalty to regulator in Madoff deal: source

NEW YORK Tue Jan 7, 2014 4:22pm EST

NEW YORK (Reuters) - JPMorgan Chase & Co will pay a $350 million penalty to the U.S. Office of the Comptroller of the Currency, a source familiar with the matter told Reuters on Tuesday, in addition to a $1.7 billion forfeiture to settle charges it failed to flag suspicious activity by convicted Ponzi schemer Bernard Madoff.

Bank regulators were set to appear at a 1:15 p.m. EST (1815 GMT) press conference that is being held by U.S. Attorney Preet Bharara in New York, according to an announcement Tuesday.

(Reporting by Aruna Viswanatha; Editing by Jeffrey Benkoe)

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