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 without going into the red, but it has been hit by numerous fines and scandals over the last few years.
In October, it was fined a record $13bn to settle a slew of different lawsuits, pushing the bank to its first quarterly loss under chairman and chief executive Jamie Dimon.
The bank has also paid out $1.2bn in fines over the 2012 "London Whale" scandal, in which a series of high risk trades went wrong and put a $6.2bn hole in the company's balance sheet.
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