Quote:US regulators to fault JP Morgan over Madoff accountsRead more: investmentwatchblog.com
The Office of the Comptroller of the Currency is expected to issue a cease-and-desist order against bank.
US regulators plan to fault JPMorgan, which served as Bernie Madoff’s main bank for two decades, for failing to conduct adequate due diligence and report suspicious activity, according to sources.
The Office of the Comptroller of the Currency is expected to issue a cease-and-desist order against JPMorgan, which will require the largest US 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.
Rest assured, as always; nobody will be put in jail or brought down. They are above the law, and it stinks.