JPMorgan Chase To Pay $1.7 Billion To Madoff Victims

After striking a deal with federal prosecutors, JPMorgan Chase has a agreed to pay $1.7 billion to the victims of Bernard Madoff’s multi-billion dollar Ponzi scheme.

The bank will be criminally charged with two violations of the Bank Secrecy Act and will admit to the violations. But under the agreement, the bank will receive a deferred prosecution.

The U.S. Attorney’s office for the Southern District of New York said the payment is the “largest ever bank forfeiture and largest ever [Department of Justice] penalty for a Bank Secrecy Act violation.”

The deal is still subject to court approval.

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