Chase Bank Part Of Madoff Scheme, Alleges Trustee
The Bernie Madoff scandal is far from over, writes PR Newswire. Madoff Investment Securities LLC (BLMIS) Trustee Irving Picard is bringing Chase bank and businesses before the bankruptcy court in a lawsuit. Picard’s case asks for $6.4 billion for the victims of the Bernie Madoff Ponzi scheme. The claim is that Chase bank aided and abetted Bernie Madoff and company within the largest known Ponzi scheme in U.S. history.
JPMorgan Chase might have experienced Ponzi plan surrounding it
Based on the court-appointed counsel for Irving Picard, David Shehan, “JP Morgan was willfully blind to the scams, even after learning about numerous red flags encircling Madoff.” Bernie Madoff’s investing plan involved a lot of different financial institutions. Sheehan explains that Chase was probably the most involved financial institute though even after seeing all the warning signs over 20 years that things were going wrong. Chase is going towards the evidence saying it “simply continued to collect fees and derive profit.” The Madoff Ponzi scheme would not have been able to happen with Chase, says Sheehan. Currently, almost all financial data involved within the grievance is filed under seal with the Bankruptcy Court. This is because JPMorgan Chase has designated all of the details confidential. Picard is fighting this a lot. It wants the seal to be removed.
Primary account for Madoff at Chase
There was a lot of cash being shown moving on internal bank account records. Sheehan suggests Chase ought to have realized something was wrong by looking into this. As suspicious activity was easily discovered once the Federal Trade Commission started to investigate, supporters of Picard believe that Chase bank was negligent in its duty to expose the scams.
Information from
PR Newswire
prnewswire.com/news-releases/trustee-for-liquidation-of-bernard-l-madoff-investment-securities-charges-jpmorgan-chase-madoffs-primary-banker-with-enabling-massive-fraud-111203234.html
Recent interview with Irving Picard re. SIPC Insurance
youtube.com/watch?v=KP6tH4HVzEY
