JPMorgan Chase is probably wishing it never heard of fraudster Bernard Madoff.
On Monday, it was revealed in a CNBC report that federal authorities were investigating whether the beleaguered banking giant had tried to impede their investigation of Madoff’s Ponzi scheme.
The bank is currently negotiating a $2 billion settlement, and a possible criminal action, involving various allegations of misconduct for its role as Madoff’s primary banker, sources have said.
The government will reportedly use a sizable portion of the money recovered to compensate Madoff’s victims.