Did JPMorgan Chase know Madoff ran Ponzi scheme?


A lawsuit filed in federal court in Manhattan last week on behalf of shareholders alleges Chief Executive Jamie Dimon and 12 other current / former executives and directors were aware of the Bernie Madoff Ponzi scheme:

“The lawsuit said JPMorgan examined reports that Madoff was required to produce on the late Norman Levy, a former client of JPMorgan and Madoff, and that the reports gave the impression that Madoff was not investing Levy's money or lending him money on margin. Shipley and Lipp would meet Madoff for lunch from the 1990s through the 2000s, frequently along with Levy, and raise their concerns, the complaint said. But in the end, the bank was "petrified" of losing business from Levy, "an extremely important, preferred top-tier client" of its private banking unit, the complaint added.”