JPMorgan Chase Bank is paying the price for its role as the banker for Bernard Madoff’s multi-billion dollar Ponzi scheme.
The nation’s largest bank and Southern District U.S. Attorney Preet Bharara on Tuesday announced a $1.7 billion forfeiture and a two-year deferred prosecution agreement for violating two counts of the Bank Secrecy Act—a settlement Bharara hailed as sending a critical message about compliance to banks on reporting requirements.
via Bharara Says JPMorgan Deal Sends Message on Compliance — New York Law Journal
