The most recent chapter in the Bernie Madoff financial scandal involves one of the United State’s largest banking and investment companies, reports PR Newswire. Madoff Investment Securities LLC (BLMIS) Trustee Irving Picard is bringing JPMorgan Chase and companies before the bankruptcy court in a lawsuit. Based on Picard, JPMorgan Chase owes Madoff victims $1 billion in costs and profits, also as $5.4 billion in damages. The claim is that Chase bank aided and abetted Bernie Madoff and company within the largest known Ponzi plan in United States history.
Case claims Chase bank was center of Ponzi plan
Based on the court-appointed counsel for Picard, David Shehan, “JP Morgan was willfully blind to the fraud, even after learning about numerous red flags surrounding Madoff." Chase was at the middle of the Bernie Madoff investing plan even though they saw the warning signs of problems according to Sheehan although there were other financial institutions involved in the plan. Despite what the prosecution calls overwhelming evidence, JPMorgan Chase says it "simply continued to collect costs and derive profit." Sheehan claims that Chase was the only reason the Madoff Ponzi scheme worked. It wouldn't have otherwise.
The Bankruptcy Court is where all the financial data with the grievance are filed right now. Chase identified the information as confidential. This is the reason. The seal may be removed with all the fighting Picard is doing.
Primary account for Madoff at Chase
Sheehan suggests that JP Morgan Chase should have realized that something unreal wasn't taking place when internal account records of money were being moved was a lot. There was a quick amount of suspicious activity discovered by the FTC one the investigation began. JP Morgan Chase should have exposed the scams much faster based on those who support Irving Picard.
Articles cited
PR Newswire
prnewswire.com/news-releases/trustee-for-liquidation-of-bernard-l-madoff-investment-securities-charges-jpmorgan-chase-madoffs-primary-banker-with-enabling-massive-fraud-111203234.html
Recent interview with Irving Picard re. SIPC Insurance
youtube.com/watch?v=KP6tH4HVzEY
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