{"id":39953,"date":"2014-01-09T07:55:53","date_gmt":"2014-01-09T12:55:53","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=39953"},"modified":"2014-01-09T08:08:53","modified_gmt":"2014-01-09T13:08:53","slug":"jp-morgan-pays-1-7-billion-to-put-off-bernie-madoff-hedge-fund-fraud-charges","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/01\/2014\/jp-morgan-pays-1-7-billion-to-put-off-bernie-madoff-hedge-fund-fraud-charges.html","title":{"rendered":"JP Morgan Pays $1.7 Billion To Put Off Fraud Charges"},"content":{"rendered":"

\"collusion\"<\/a>New York (HedgeCo.net) – In as settlement that defers criminal charges against JP Morgan until 2016, a US Judge has agreed to settle for a fine of $1.7 billion, Reuters reports.<\/p>\n

JP Morgan was being charged by the prosecution for it’s involvement in the Bernard Madoff hedge fund ponzi scheme. The charges being settled are, according to Reuters, “..the bank violated anti-money laundering laws by failing to alert authorities to warning signs its employees encountered in dealings with convicted Ponzi schemer\u00a0Bernard Madoff.”<\/p>\n

The prosecution says that JP Morgan cut its exposure to Madoff’s hedge fund at the time in order to minimize losses, however, the mega-bank never informed US authorities about what turned out to be a\u00a0$17.3 billion Ponzi scheme.<\/p>\n

“The agreement would be the second time in a month that JP Morgan has been forced to acknowledge wrongdoing,’ The Guardian reports, “On November 19 the bank paid a record $13 billion to settle charges that it routinely bundled poor quality home loans into securities that were billed as high-quality to investors.”<\/p>\n

The charges can be dismissed if the mega-bank pays its due and meets all the terms of the agreement.<\/p>\n

The bank will pay a total of $2.6 billion, settling all criminal,\u00a0civil\u00a0and regulatory actions related to its business with Madoff.<\/p>\n

Alex Akesson
\nEditor for\u00a0HedgeCo.net<\/a>
\nalex@hedgeco.net<\/a>
\nHedgeCo.Net<\/a>\u00a0is a premier\u00a0hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

New York (HedgeCo.net) – In as settlement that defers criminal charges against JP Morgan until 2016, a US Judge has agreed to settle for a fine of $1.7 billion, Reuters reports. JP Morgan was being charged by the prosecution for […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,16034,3],"tags":[],"class_list":["post-39953","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-regulation","category-hedge-fund-rulings","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/39953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=39953"}],"version-history":[{"count":10,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/39953\/revisions"}],"predecessor-version":[{"id":39964,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/39953\/revisions\/39964"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=39953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=39953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=39953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}