Madoff Trustee Eyes JP Morgan Chase
The trustee representing the victims in the Bernie Madoff case has set his sights on JP Morgan Chase (NYSE:JPM) after announcing that the bank was well versed in the scam that Madoff was using to bilk billions from his clients. According to the trustee, Irving Picard, Chase knew full well what was going on with Madoff and they continued to send investors his way despite the fact that most of them would lose their money.
Now the trustee has said that he will do everything that is possible to regain the funds that were lost from JP Morgan Chase. He plans to file several federal lawsuits against the bank to ensure that he is able to recover as much money as possible through the legal system.
Picard made headlines last year when he announced that he was able to recover nearly half of the money that was stolen by Madoff in an effort to return it to the investors that were cheated. The funds are currently being distributed in the order in which the person invested in the Madoff fund.
The board of directors at Chase denied the allegations in a written statement this morning, suggesting that they were also victims of the scheme that was carried out by Madoff. They said that they sent investors to the firm and found that they were losing money and then removed the Madoff fund from their list.
Bernie Madoff is currently serving 150 years in a federal prison for bilking investors.
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