Daily News: February 21, 2014

Reuters: Madoff Said JPMorgan Execs Knew of His Fraud

Reuters reported that according to a lawsuit filed in federal court that two senior officials at JPMorgan Chase and predecessor companies repeatedly confronted Bernard Madoff over irregularities in his business, which suggests that bank leaders had “direct knowledge” of his Ponzi scheme.

According to the complaint, Reuters said senior bank officials who dealt with Madoff included Walter Shipley, a former chief executive of Chemical Bank and Chase Manhattan Bank; and Robert Lipp, a former JPMorgan senior adviser and director.

Reuters noted that the revelations came 1-1/2 months after JPMorgan agreed to pay $2.6 billion to settle lawsuits over its Madoff dealings.

To read the entire Reuters article, click here.