JPMorgan Chase Bank Criminal Charges/DPA Announced in Connection With Bernard Madoff's Ponzi Scheme

JPMorgan Chase Bank Criminal Charges/DPA Announced in Connection With Bernard Madoff's Ponzi Scheme

NEW YORK, NY - U.S. Attorney Preet Bharara and FBI Assistant Director-in-Charge George Venizelos announce criminal charges against JPMorgan Chase Bank, N.A. consisting of two felony violations of the Bank Secrecy Act, in connection with the bank's relationship with Bernard L. Madoff Investment Securities. Mr. Bharara also announces an agreement with JPMorgan, under which the Bank agreed to accept responsibility for its conduct by stipulating to the accuracy of an extensive Statement of Facts; to pay a $1.7 billion penalty to the victims of the Madoff fraud through a parallel civil forfeiture complaint; to refrain from future criminal conduct and cooperate fully with the Government; and to continue reforms of its Bank Secrecy Act/Anti-Money Laundering compliance program. The criminal charges are contained in a two-count felony Information. Assuming the bank�s continued compliance with the agreement, the Government has agreed to defer prosecution on the Information for a period of two years, after which time the Government will seek to dismiss the charges