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JPMorgan Said to Have Doubted Madoff Long Before His Scheme Was Revealed
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As early as June 15, 2007, internal J.P. Morgan documents show, high-level risk management officers at Chase's investment bank sent e-mail to colleagues to report that Madoff was suspected to be running a Ponzi scheme. In Feb 2006, a risk analyst at Chase reported to his superiors that the returns of the Madoff Fund did not make sense, as it did far better than the securities reportedly in the portfolio. A lawsuit is being filed by the bankruptcy trustee of the Madoff Fund against Chase for allowing Madoff to bring billions of dollars of investor's cash into and out of his Chase bank accounts right upto the day of his arrest in Dec 2008. At the same time Chase had withdrawn $241 million of the $271 million it had invested in Madoff-linked hedge funds.
J.P. Morgan Chase and the Madoff case
12/02/2010
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