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Irving Picard

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Exclusive: U.S. regulator to fault JPMorgan over Madoff accounts

U.S. regulators plan to fault JPMorgan Chase & Co, which served as Bernie Madoff's main bank for two decades, for failing to conduct adequate due diligence and report suspicious activity, according to a person familiar with the matter.The Office of the Comptroller of the Currency is expected to issue a cease-and-desist order against JPMorgan, which will require the largest U.S. bank to put an end to the alleged failures in its anti-money laundering practices.The timing of the order is uncertain but could come later this year, the source said. A fine is not expected. If the OCC is not satisfied with JPMorgan's response, it can take harsher action against the bank, including financial penalties.OCC spokesman Bryan Hubbard declined comment, as did JPMorgan spokeswoman Jennifer Zuccarelli.Madoff was arrested in December 2008, pleaded guilty in 2009 to running a massive, decades-long Ponzi scheme, and is serving a 150-year prison sentence.Irving Picard, a trustee for Madoff's victims, has a...

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  1. Madoff indirect investors lose U.S. court appeal

    People who lost money by investing in funds that funneled their money to Bernard Madoff's Ponzi scheme are not entitled to recover for their losses, in the manner th...

  2. Oracle Buying Acme Packet for $1.9B

    FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.

  3. Lautenberg charity, other Madoff investors try to revive claims

    A federal appeals court signaled that victims of Bernard Madoff's fraud more than four years ago might be allowed to eventually sue the swindler's family members ove...

  4. Madoff investors try to revive Picower claims

    Two former clients of Bernard Madoff urged an appeals court to revive their claims against the estate of a Florida businessman who had been one of the money manager'...

  5. Longtime Madoff employee admits decades of fraud

    One of Bernard Madoff's longest-serving employees pleaded guilty on Thursday to falsifying records, a conspiracy that a prosecutor said began in the 1970s at the sta...

  6. French prosecutor wants to question Madoff, UBS: source

    France's prosecutor has asked an investigating judge to question jailed swindler Bernard Madoff and Swiss bank UBS as part of a probe of investor losses from Madoff'...

  7. Madoff Victims to Soon Receive $2.5B Payout

    Victims of Bernard Madoff's fraud will soon receive $2.48 billion to help cover their losses, more than tripling their total recovery to about $3.63 billion, the tru...

  8. Madoff Firm Trustee Gets OK to Pay $2.4 Billion to Victims

    Madoff firm trustee Irving Picard won approval from a judge Wednesday to make a second payment that could reach $2.4 billion to former clients of Bernard Madoff, Reu...

  9. Judge Gives Madoff Trustee Right to Pay $2.4B to Victims

    The Madoff firm trustee won approval from a judge on Wednesday to make a second payment that could reach $2.4 billion to former clients of epic conman Bernard Madoff...

  10. Madoff Trustee Seeks $2.4B for Return to Victims

    Freed from legal restraints by a recent U.S. Supreme Court decision, the bankruptcy trustee overseeing liquidation of Bernard Madoff's massive Ponzi scheme asked a j...

  11. Supreme Court Won't Hear Appeals of Madoff Net Equity Formula

    The U.S. Supreme Court said Monday it will not listen to appeals filed by victims of Bernard Madoff's massive Ponzi scheme who disagree with a formula used to determ...

  12. NY AG Wins $410M Settlement in Madoff Ponzi Scheme

    New York State Attorney General Eric T. Schneiderman on Monday announced he won a $410 million settlement of a lawsuit against J. Ezra Merkin, accused of steering an...

  1. Madoff trustee cannot block $410 million Merkin accord: judge

    The trustee seeking money for victims of Bernard Madoff was barred on Monday from blocking a $410 million settlement resolving New York state's claims against Wall S...

  2. Investors Can't Sue SEC Over Madoff, Court Rules

    Victims of Bernard Madoff's investment fraud have lost their bid to sue the U.S. Securities and Exchange Commission for negligence in failing to uncover the swindler...

  3. Madoff investors can't sue SEC: appeals court

    Victims of Bernard Madoff's investment fraud have lost their bid to sue the U.S. Securities and Exchange Commission for negligence in failing to uncover the swindler...

  4. Distribution To Madoff Victims Reaches $5.4B

    The trustee's office liquidating the assets of Bernard Madoff's collapsed Ponzi scheme said Monday a total of $5.44 billion has been returned to former Madoff client...

  5. Report: U.S. Probes J.P. Morgan's Actions in Madoff Fraud

    As Bernie Madoff doubles down on his claim that the banks "must have known" what he was up to, a new report reveals prosecutors are probing whether J.P. Morgan Chase...

  6. Madoff to FOX Business: 'The Banks Knew'

    Jailed Ponzi schemer Bernard Madoff plans to amplify his contention, possibly in testimony before Congress, that the big banks he did business with – J.P. Morgan Cha...

  7. Madoff: Maintain Scrutiny on Banks, Feeder Funds

    Bernard Madoff on Friday in an ongoing correspondence with FOX Business Network continued to insist that major banks where he held accounts had to know that his inve...

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