JP Morgan “Complicit” In Madoff Fraud

The legitimacy of Bernard L. Madoff’s investment business was in doubt by senior executives at JPMorgan Chase more than 18 months before Madoff’s Ponzi scheme collapsed, reported The New York Times News Service, but the company continued to do business with him. According to internal bank documents made public in a lawsuit unsealed Thursday, despite warnings from a high-level risk management officer, the bank allowed Madoff to move billions of dollars of investors’ cash in and out of his accounts with the bank up until the day of his arrest in December 2008. Meanwhile, the bank had withdrawn the majority of its $276 million it has invested in Madoff-linked hedge funds, leaving only $35 million.