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Bernard Madoff arrives at Manhattan federal court, Thursday, March 12, 2009. Louis Lanzano/AP/Press Association Images

Banking

JPMorgan Chase to pay $1.7 billion to victims of Madoff Ponzi fraud

The compensation was announced by a US attorney today.

US BANKING GIANT JPMorgan Chase will pay $1.7 billion to the victims of Bernard Madoff’s Ponzi scheme under an agreement with prosecutors, a US Attorney announced today.

JPMorgan admitted to charges that it failed to maintain an effective money-laundering programme and did not file a suspicious activity report on Madoff, said Preet Bharara, US Attorney for the Southern District of New York.

- © AFP, 2014

Related: Brother of Bernie Madoff gets 10 years for role in Ponzi scheme

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