Feds expected to slap JPMorgan with fines in connection with Madoff scam

Bank could pay up to $2billion in fines for failing to alert authorities of potential fraud

Mega-bank JPMorgan Chase may have hoped to leave its legal troubles in 2013, but it appears it will start of 2014 in much the same way it spent last year, paying out billions to smooth over legal trouble.

Regulators are expected to announce $2 billion in penalties for the bank this week, stemming from JPMorgan’s failure to warn authorities about Bernie Madoff’s massive Ponzi scheme.  The actions, which are expected to include a differed-prosecution agreement with Manhattan U.S. Attorney Preet Bhara, may come as early as Jan. 7 the Wall Street Journal reports.

Executive Editor

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Chris DiMarco

Chris DiMarco, Executive Editor of InsideCounsel magazine, has a background in multimedia production with previous involvement in projects in which he developed and created content...

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