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JPMorgan Chase May Be Penalized in Madoff Case

(ABC News) – JP Morgan Chase, America’s biggest bank, may face action from federal authorities who suspect that the bank “turned a blind eye” to Bernie Madoff’s massive Ponzi scheme, reports The New York Times. This case comes right after the bank reached a tentative $13 billion settlement with federal prosecutors over the sale of flawed mortgage products. ABC News has confirmed that prosecutors and JPMorgan have held preliminary discussions about a so-called deferred prosecution agreement. This arrangement would suspend criminal charges in exchange for a fine and other concessions.

“We’re not commenting today other than to point people to our many previous statements where we’ve said that “all of our personnel acted in good faith,’” the bank said in a statement today.

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