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  1. Wealth
April 27, 2009

NYT: Madoff victims accuse JP Morgan of abetting

By Spear's

Victims of Bernard L. Madoff’s Ponzi scheme have accused his banker, JPMorgan Chase, of aiding his crime by maintaining his checking accounts and trading with his brokerage firm long after the bank itself realized that its prized customer was running a vast fraud.

From the New York Times:

Victims of Bernard L. Madoff’s Ponzi scheme have accused his banker, JPMorgan Chase, of aiding his crime by maintaining his checking accounts and trading with his brokerage firm long after the bank itself realized that its prized customer was running a vast fraud.

The accusation was made in a lawsuit filed late Thursday in federal court in Manhattan by lawyers representing one of the latecomers to Mr. Madoff’s scheme, a Florida partnership that deposited $12.8 million with him between October and early December.

To read the full story, visit nytimes.com

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