The Wenatchee World

Weather:

Weather

The latest extended forecast from The Weather Channel

Remove this weather forecast

Today

Hi86° Sunny

Tonight

Lo64° Mostly Clear

Friday

Hi89° Mostly Sunny

Friday Night

Lo63° Partly Cloudy

Saturday

Hi89° Sunny

Saturday Night

Lo62° Partly Cloudy

Sunday

Hi87° Partly Sunny

Sunday Night

Lo63° Slight Chc Showers

Monday

Hi77° Chance Showers

Monday Night

Lo56° Chance Showers

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