20 billion sought from jpmorgan in madoff scandal
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

$20 billion sought from JPMorgan in Madoff scandal

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice $20 billion sought from JPMorgan in Madoff scandal

New York - AFP

A court-appointed trustee seeking to recover funds bilked by Bernard Madoff said Friday he will seek $20 billion from JPMorgan Chase, accusing it of being an active enabler of the massive fraud. Irving Picard, the trustee, raised the amount being sought from $6.4 billion in an amended complaint against the Wall Street giant, his lawyers said. \"The trustee\'s amended complaint adds new evidence and expands our previous allegations that JPMC was an active enabler of the Madoff Ponzi scheme,\" said David Sheehan, a lawyer for Picard. \"As alleged in the amended complaint, JPMC not only should have known that a fraud was being perpetrated, they did know.\" Madoff, 72, is serving a 150-year prison term after being found guilty of what is considered one of the biggest pyramid schemes ever, which by his account took in $65 billion dollars before it was uncovered in December 2008. His victims, who invested with him over more than two decades, included charities, major banks, Hollywood moguls and savvy financial players. Deborah Renner, another lawyer for Picard, charged that JPMorgan Chase\'s bankers \"literally watched the fraud unfold before their very eyes,\" and did nothing to stop it. She said they could see that money deposited into the main account of Madoff\'s investment firm, BLMIS, \"was not used to buy or sell securities.\" Instead, the funds were \"merely transferred to other customers, in patterns serving no legitimate business purpose. They could see millions of dollars routinely bouncing back and forth between Madoff and JPMC Private Banking customers,\" Renner added. \"They could see that Madoff\'s regulatory filings were materially inconsistent with BLMIS\'s actual finances. Yet, as alleged, they allowed the fraud to continue.\" JPMorgan denied the allegations when the suit was first brought in December, insisting they had no merit and were based on distortions of the facts and the law.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

20 billion sought from jpmorgan in madoff scandal 20 billion sought from jpmorgan in madoff scandal

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

20 billion sought from jpmorgan in madoff scandal 20 billion sought from jpmorgan in madoff scandal

 



GMT 10:18 2016 Wednesday ,23 March

cartoon seven

GMT 10:16 2016 Wednesday ,23 March

cartoon five

GMT 09:58 2016 Wednesday ,23 March

cartoon four

GMT 06:15 2018 Tuesday ,23 January

Volkswagen clinches record sales

GMT 17:26 2017 Tuesday ,05 September

Ragheb Allama falls during singing in concert

GMT 08:29 2017 Tuesday ,23 May

Trump arrives for talks with Palestinian leader

GMT 01:41 2017 Friday ,06 October

UAE weather: Humidity in UAE to go up to 95%

GMT 17:58 2016 Monday ,22 August

San Francisco honors legendary singer

GMT 05:30 2014 Wednesday ,22 January

The Syrian opposition isn't excited about Geneva II

GMT 19:27 2017 Monday ,23 January

Afghan Air Force Bombs ISIS Hideout in Zabul

GMT 09:52 2017 Tuesday ,20 June

Actress Nelly Karim reveals

GMT 12:12 2017 Thursday ,21 December

Modern colorful bedroom renovation

GMT 15:54 2017 Sunday ,09 July

Dubai road closed for maintenance on Saturday
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice