June 22, 2018 / 11:37 PM / a month ago

JPMorgan to pay $4.6 mln to settle Ponzi scheme lawsuit

JPMorgan Chase has agreed to pay $4.6 million to resolve a proposed class action accusing it of aiding a Ponzi scheme at Caribbean-based Millennium Bank, which authorities say defrauded hundreds of investors with bogus certificates of deposits.

Disclosed in a Thursday filing in Boston federal court, the agreement ends a five-year legal fight by investors who lost money in the scheme, run by convicted Canadian banker William Wise. The investors alleged that Chase and its predecessor Washington Mutual let Wise steal millions of dollars of investors’ money from accounts at the banks despite numerous signs he was running a fraud.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2MipFk9

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below