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JPMorgan Chase to pay $1.7B for Madoff scheme

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jpmorgan chase Credit: Getty

JPMorgan Chase will face criminal charges and has agreed to pay $1.7 billion because of its failure to report suspicious activity surrounding Bernard Madoff's giant Ponzi scheme in 2008, federal officials said yesterday.

The U.S. Attorneys Office in Manhattan said it will be announcing the development Tuesday afternoon at a news conference.

According to documents released by federal prosecutors, the government will defer for two years prosecution of charges the bank failed to file a suspicious activity report and failed to have an effective anti-money laundering program.

The $1.7 billion, the largest amount ever forfeited by a bank, has to be paid in three days, according to the documents.

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