The Wenatchee World

Weather:

Weather

The latest extended forecast from The Weather Channel

Remove this weather forecast

Tonight

Lo50° Mostly Clear and Breezy then Mostly Clear

Memorial Day

Hi76° Sunny

Monday Night

Lo52° Mostly Clear

Tuesday

Hi81° Sunny

Tuesday Night

Lo55° Mostly Clear

Wednesday

Hi87° Sunny

Wednesday Night

Lo61° Partly Cloudy

Thursday

Hi82° Partly Sunny

Thursday Night

Lo60° Mostly Cloudy

Friday

Hi85° Mostly Sunny

JPMorgan settles Madoff fraud claims for $1.7 billion

Send to Kindle
Print This

NEW YORK — JPMorgan Chase & Co., already beset by other costly legal woes, has agreed to pay $1.7 billion to settle criminal charges that the bank ignored obvious warning signs of Bernard Madoff’s massive Ponzi scheme, federal authorities said today.

The $1.7 billion represents the largest ever forfeiture by a U.S. bank and the largest Department of Justice penalty for a Bank Secrecy Act violation, the government said. The settlement includes a so-called deferred prosecution agreement that requires the bank to acknowledge failures in its protections against money laundering but also allows it to avoid criminal charges. No individual executives were accused of wrongdoing.

View my options or Sign in