January 6, 2014
JPMorgan Chase, the US bank used by Bernard Madoff who masterminded the biggest fraud on record, has agreed to pay about $2.0 billion to US authorities to avoid litigation, press reports said Monday.
Madoff masterminded a massive and long-running so-called Ponzi investment fraud which came to light in 2008 as the financial crisis gathered speed.
At the time of its collapse in 2008, Madoff Securities claimed it had about $65 billion in client assets, whereas in fact it had only about $300 million.
The fraud ruined many investors and stoked public anger over the causes and consequences of the crisis.
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