November 28, 2014
NEW YORK (AP) — A New York judge has approved a non-prosecution agreement reached after JPMorgan Chase & Co. agreed to pay $1.7 billion to settle criminal charges stemming from its failure to report its concerns about Wall Street swindler Bernard Madoff’s private investment service.
U.S. District Judge Kevin Castel approved the deal Wednesday, a day after it was announced. The judge set a January 2016 court date for the government to report if the bank complies with the agreement.
Prosecutors have called the $1.7 billion the largest forfeiture by a U.S. bank for a Bank Secrecy Act violation.
JPMorgan will pay more than $2.5 billion in total to settle claims stemming from Madoff’s fraud.
Madoff admitted cheating thousands of people out of billions of dollars. He’s in prison in Butner, N.C.