March 26 U.S. prosecutors are examining whether
JPMorgan Chase & Co fully alerted authorities to
suspicions about fraudster Bernard Madoff, the New York Times
reported, citing several people with direct knowledge of the
The prosecutors suspect JPMorgan may have violated a federal
law that requires banks to alert authorities to suspicious
transactions, the newspaper reported.
"We believe that the personnel who dealt with the Madoff
issue acted in good faith in seeking to comply with all
anti-money laundering and regulatory obligations," JPMorgan
spokesman Joe Evangelisti told the newspaper. ()
Evangelisti declined to comment on the New York Times report
The Madoff fraud was revealed in 2008, when the financier
ran out of money to meet redemption requests from his customers.
He is serving a 150-year prison sentence.
The trustee appointed to liquidate Madoff's firm has said
JPMorgan, Madoff's main bank for two decades, and other banks
ignored numerous warning signs about the firm's business,
allegations the banks have denied.