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Pam and Russ Martens: JPMorgan assisted another big Ponzi scheme while helping Madoff's
By Pam and Russ Martens
Wall Street on Parade
Tuesday, July 7, 2021
After reading the documents released by the Justice Department in January 2014 in connection with JPMorgan Chase's settlement over its role in the Bernie Madoff Ponzi scheme, the Los Angeles Times asked this question: "Bernie Madoff: Was he part of the JPMorgan ring, or was JPMorgan part of his ring?"
Given the facts of the case, the question was more than fair.
... Dispatch continues below ...
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In January of 2014 JPMorgan Chase paid $2.6 billion in fines and restitution, signed a deferred prosecution agreement with the Justice Department and walked away from further criminal charges over its 22-year involvement with Bernie Madoff's Ponzi scheme. The Madoff Ponzi scheme was the largest in U.S. history with fictitious investment account statements showing his clients held $64.8 billion in securities with his firm. (Madoff never actually bought any stocks or other securities for his investment clients.)
The Madoff case commanded headlines for years. But a recent review of federal court filings by Wall Street On Parade shows that at the same time that JPMorgan Chase was deeply involved with Madoff, it was simultaneously entangled with another multi-billion-dollar Ponzi scheme being orchestrated by Thomas Petters.
JPMorgan Chase's involvement in the Petters case has been largely ignored by mainstream media. ...
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