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Madoff ex-clients file $19 billion suit against JPMorgan

Madoff ex-clients file $19 billion suit against JPMorgan


If you recall from the previous unsealed complaint, “Top JPMorgan Execs. Were Warned of Madoff Scheme”, this appears to be similar…certainly if there is one, there must be others.

This is just slightly south of the entire settlement package of the Foreclosure Fraud settlement, which is also nilch for the acts committed.

Reuters-

Former customers of Bernard Madoff’s massive Ponzi scheme filed a class action lawsuit on Monday seeking to recover $19 billion from JPMorgan Chase & Co, claiming the bank willfully ignored signs of fraud.

JPMorgan was Madoff’s bank for two decades. The lawsuit, filed in federal court in Manhattan, claims the bank was “thoroughly complicit” in concealing Madoff’s fraud.

[REUTERS]

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Cummings Issues Statement on SEC IG Report on David Becker Conflict of Interest in Madoff Scandal

Cummings Issues Statement on SEC IG Report on David Becker Conflict of Interest in Madoff Scandal


Washington, DC – The SEC Inspector General has completed a six-month investigation into allegations of conflict of interest against SEC’s former general counsel, David Becker, concerning his role in the Commission’s work relating to the victims of the Bernie Madoff Ponzi scheme.  The IG’s final report was issued publicly today.  Ranking Member Elijah E. Cummings issued the following statement:

“In its report, the IG’s office found sufficient evidence of Mr. Becker’s conflict of interest to call into question the integrity of the process used by the Commission to decide how to value fictitious profits made under the Madoff scheme.  The IG also found that procedures at the SEC ethics office broke down and failed to prevent a conflict of interest from potentially tainting the agency’s work.

“I believe the victims of the Madoff scheme deserve to know that the SEC’s decision in this case was not tainted by conflicts of interest.  The IG recommended that the Commission take a second look and conduct a revote of its decision.  I strongly urge the Commission to take these appropriate steps in order to give Madoff’s victims that peace of mind.

“I hope that the Commission will adopt the IG’s other recommendations as well.  I am encouraged that Chairman Schapiro asked SEC Inspector General H. David Kotz to open this investigation, which was a good faith effort on her part to get to get to the bottom of this issue.  I am also encouraged that Chairman Schapiro decided last year to revamp the office of ethics, to hire new ethics counsel for the agency, and to provide greater resources to that office.”

 

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Source: http://democrats.oversight.house.gov/

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‘Chasing Madoff': Harry Markopolos Documentary Reveals Ponzi Schemer Investigation

‘Chasing Madoff': Harry Markopolos Documentary Reveals Ponzi Schemer Investigation


HuFFPO

All told, Harry Markopolos would rather not be the star of this new documentary. Not in 2011. If he had his way, his big film moment would have come a decade ago.

But here he is, featured in the upcoming film, “Chasing Madoff.”

The investment manager turned financial investigator, whose tireless research uncovered the Bernie Madoff ponzi scheme, the biggest such scheme in American history, insists that he was ignored by the SEC and other government officials for years despite his massive catalog of evidence.

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Bernie Madoff: JPMorgan Doesn’t Have A Chance In Hell And HSBC And UBS Are Going To “Have Problems”

Bernie Madoff: JPMorgan Doesn’t Have A Chance In Hell And HSBC And UBS Are Going To “Have Problems”


via: Business Insider

Madoff said: “JPMorgan doesn’t have a chance in hell of not coming up with a big settlement.”

“I am not a banker but I know that $100bn going in and out of a bank account is something that should alert you to something.”

“JPMorgan got all the financial statements.”

“There were senior people at the bank who knew what was going on,” he emphasized, without naming anyone. There will be a big interview with Madoff in this weekend’s Financial Times.

continue reading…Business Insider

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Issa and Grassley Probe SEC on Failure to Properly Examine Conflict of Interest in Madoff Scandal

Issa and Grassley Probe SEC on Failure to Properly Examine Conflict of Interest in Madoff Scandal


WASHINGTON D.C. – Oversight and Government Reform Committee Chairman Darrell Issa and Committee on the Judiciary Ranking Member Senator Chuck Grassley sent a letter today requesting additional information from the Securities and Exchange Commission (SEC). Chairman Issa and Senator Grassley seek to clarify how the SEC neglected to act on the seemingly obvious, significant conflicts of interest presented by then-General Counsel David Becker’s involvement in the Madoff case.

[ipaper docId=50415671 access_key=key-zdgw6xcrbry0n2f1fr6 height=600 width=600 /]

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Dimon in the Rough

Dimon in the Rough


By Graydon Carter

April 2011
.

JPMorgan Chase C.E.O. Jamie Dimon is tall. He’s fit. For a banker, he’s nice-looking. And he’s got that head of fluffy white, unbankerish hair. You could argue that Dimon’s single greatest asset is that he doesn’t look like Dick Fuld. Fuld, the former C.E.O. of Lehman Brothers, is a virtual Thomas Nast caricature of the venal banker; all that is missing is the stovepipe hat and the mustache-twirling. Because of his looks, Fuld has probably had a rougher ride of it over the past two and a half years. And because of his looks, Dimon has probably had too easy a ride. While Goldman Sachs C.E.O. Lloyd Blankfein became a piñata for legislators and the press, Dimon fully embraced his role as Wall Street’s fair-haired boy—or “America’s Least-Hated Banker,” as The New York Times Magazine put it just last December.

Continue reading … Vanity Fair

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FORBES | Contemptible Performance by JP Morgan Chase Re Madoff

FORBES | Contemptible Performance by JP Morgan Chase Re Madoff


Robert Lenzner
Feb. 26 2011 – 8:06 pm

I am astounded, stunned, shocked and ferociously outraged by the amoral performance of the establishment bank in America– JP Morgan Chase.(JPM,NYSE)

For 7 years, from 1998 until 2005 , JPMorgan Chase sat by passively and negligently while $76 billion– yes $76 biillion– was laundered in exchanges between two of the bank’s wealthy customers– Bernard Madoff’s Investment Account 703 and the Private Bank Customer Number 1, who has been identified as Norman Levy, a New York real estate developer, who died in 2005.

That’s $76 billion, which clearly did not belong to either Madoff or Levy. That’s $76 billion– more money than either Warren Buffett or Bill Gates are worth today. The amount involved beats the amounts involved in any scandal involving Swiss banks that have been hiding money for wealthy Americans wishing to avoid taxes.

continue reading … FORBES

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UNSEALED #2 COMPLAINT | CITIBANK SAW MADOFF FRAUD WARNINGS, RED FLAGS

UNSEALED #2 COMPLAINT | CITIBANK SAW MADOFF FRAUD WARNINGS, RED FLAGS


excerpt:

1. Citi’s “Due Diligence” And Early Discovery Of The Risks Of Possible Fraud

61. During the course of Citi’s 2005 initial “due diligence,” and as part of negotiating the final terms of the Prime Fund loan transaction, Citi learned, among other things, that Tremont received only paper copy trade confirmations approximately five (5) days conducted the alleged trading – a practice rife with the possibility for fraud due to the ability of the brokerage firm to backdate or manufacture trading activity with no ability on the customer’s part to check that the trades actually took place.

[ipaper docId=49576440 access_key=key-2jyczq13gdy3ceyfua75 height=600 width=600 /]

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The Daily Beast| JPMorgan and Madoff: Will the Scandal Sink Jamie Dimon?

The Daily Beast| JPMorgan and Madoff: Will the Scandal Sink Jamie Dimon?


by Allan Dodds Frank

The allegations unveiled Thursday by the trustee amount to accusing the senior management of the bank (without naming anyone) of ignoring the public good to protect profits—and Bernie. Back when the complaint was under seal, Picard’s No. 1 counsel David Sheehan had asserted: “JPMorgan was willfully blind to the fraud, even after learning about numerous red flags surrounding Madoff.” In his statement, Sheehan said: “JPMC was at the very center of that fraud, and thoroughly complicit in it.” At the time, the bank called the trustee “irresponsible” and said the complaint was aimed at “headline-grabbing.”

For its part, JPMorgan Chase said Thursday that the bankruptcy trustee’s complaint is “based on distortions of both the relevant facts and the governing law. Contrary to the trustee’s allegation, JPMorgan did not know about or in any way become a party to the fraud orchestrated by Bernard Madoff.”

The statement continued:

“Madoff’s firm was not an important or significant customer in the context of JPMorgan’s commercial banking business, and the revenues earned from Madoff’s bank account were modest and entirely consistent with conventional market rates and fees.” The statement added that the trustee’s claims that the bank earned big bucks from Madoff “is demonstrably false.”

The bank’s statement made no mention of the supposed First Rule of Banking: “Know Your Customer.”

My simultaneous translation of the JPMorgan statement is this: “We are such a giant global bank that whatever profits we made from Madoff are chump change. A settlement would not affect earnings, even though we have to stipulate that we administered the accounts Bernie used to carry out the largest Ponzi fraud in history, and even though we neither admit nor deny turning a blind eye to his machinations and making hundreds of millions in the process.”

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COMPLAINT | Top JPMorgan Execs. Were Warned of Madoff Scheme

COMPLAINT | Top JPMorgan Execs. Were Warned of Madoff Scheme


Amended Complaint against all defendants / Complaint against JPMorgan Chase & Co., JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, J.P. Morgan Securities Ltd. [Redacted] (related document(s) 1 ) Filed by Deborah H. Renner on behalf of Irving H. Picard, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC. (Renner, Deborah) (Entered: 02/03/2011)

source: BMI Trustee

[ipaper docId=48126952 access_key=key-2i2mn1s1rbicggd0pusv height=600 width=600 /]

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COMPLAINT: In re: BERNARD L. MADOFF, Debtor. IRVING H. PICARD, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC, v. HSBC

COMPLAINT: In re: BERNARD L. MADOFF, Debtor. IRVING H. PICARD, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC, v. HSBC


PRESS RELEASE OF IRVING H. PICARD TRUSTEE FOR LIQUIDATION OF MADOFF INVESTMENT SECURITIES SEEKS $9 BILLION IN RECOVERIES, AND ADDITIONAL DAMAGES AT TRIAL, FROM HSBC, RELATED ENTITIES, FEEDER FUNDS IN MADOFF PONZI SCHEME

NEW YORK, NY, December 5, 2010 – Irving H. Picard, the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”) today announced the filing of a complaint in the United States Bankruptcy Court for the Southern District of New York, alleging 24 counts of financial fraud and misconduct against HSBC Holdings plc, HSBC Bank plc, and affiliated entities (collectively “HSBC”).

The complaint alleges that HSBC enabled Madoff’s Ponzi scheme through the creation, marketing and support of an international network of a dozen feeder funds based in Europe, the Caribbean, and Central America, which are also named in the complaint (collectively, the “Feeder Fund Defendants”). Other Defendants named in the filing include the management companies and service providers of those feeder funds, as well as certain of their directors and managers, namely Sonja Kohn, Genevalor, Mario Benbassat and his sons, Albert and Stephane, as well as Bank Medici and Unicredit, who together with other defendants helped fuel and extend Madoff’s Ponzi scheme across international borders.

Continue to full complaint below…

[ipaper docId=44790292 access_key=key-snlmfsd3w8jsk0e8qxq height=600 width=600 /]

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TRUSTEE FOR LIQUIDATION OF BERNARD L. MADOFF INVESTMENT SECURITIES CHARGES JPMORGAN CHASE, MADOFF’S PRIMARY BANKER, WITH “ENABLING” MASSIVE FRAUD

TRUSTEE FOR LIQUIDATION OF BERNARD L. MADOFF INVESTMENT SECURITIES CHARGES JPMORGAN CHASE, MADOFF’S PRIMARY BANKER, WITH “ENABLING” MASSIVE FRAUD


The complaint seeks to recover nearly $1 billion in fees and profits and an additional $5.4 billion in
damages for JPMC’s decades-long role as BLMIS’s primary banker, aiding and abetting Madoff’s
fraud. All recovered monies will be placed into the Customer Fund and distributed, pro rata, to
Madoff customers with valid claims, the rightful owners of those monies.

“JP Morgan was willfully blind to the fraud, even after learning about numerous red flags surrounding Madoff,” said David J. Sheehan, counsel for the Trustee and a partner at Baker & Hostetler LLP, the court-appointed counsel for the Trustee. “While many financial institutions enabled Madoff’s fraud, JPMC was at the very center of that fraud, and thoroughly complicit in it. JPMC was BLMIS’s primary banker for more than 20 years, and was responsible for knowing the business of its customers – in this case, a very large customer. Madoff would not have been able to commit this massive Ponzi scheme without this bank. JPMC should pay the price for its central role in enabling Madoff’s fraud.”

Continue below…to read TO BE FILED UNDER SEAL COMPLAINT

[ipaper docId=44698094 access_key=key-3g7zv06us0ymnp7afom height=600 width=600 /]

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