J.P. Morgan facing $2bn fine over Madoff scandal

clock

J.P. Morgan could be hit with another $2bn of fines over the Bernard Madoff Ponzi scheme, according to reports.

The US banking giant - which is already expected to pay around $20bn of fines and settlements in its current financial year - could be fined by US regulators as early as today, according to a report in the Telegraph. Regulators and federal prosecutors in the US are preparing a fine of around $2bn, after it allegedly ignored signs of Bernie Madoff's Ponzi scheme. Madoff (pictured) was eventually arrested and sentenced to 150 years in prison after the Ponzi scheme he ran for decades robbed investors of £40bn. The US' largest bank was the only one to weather the financial downturn wit...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA's SDR regulation will 'make advisers sit up and listen'

FCA's SDR regulation will 'make advisers sit up and listen'

‘There has to be a fundamental re-educating of the adviser community’

Isabel Baxter
clock 30 November 2023 • 4 min read
Advice/guidance boundary review will help 'bridge advice gap'

Advice/guidance boundary review will help 'bridge advice gap'

The FCA’s latest update leads to mixed reactions from the industry

Sahar Nazir
clock 04 August 2023 • 4 min read
FCA review confirms investment pathways working 'as intended'

FCA review confirms investment pathways working 'as intended'

No changes to initiative but industry called to better support savers

Holly Roach
clock 12 July 2023 • 3 min read