OCC To Fault JPMorgan For Role In Madoff Scandal

Law360, Los Angeles (April 15, 2013, 9:44 PM EDT) -- The Office of the Comptroller of the Currency will blame JPMorgan Chase & Co. for treating Bernard L. Madoff as a low-risk customer and not reporting obvious warning signs of his Ponzi scheme to federal regulators, according to a Monday report.

The OCC, the country's chief regulator of big banks, will issue a cease-and-desist order against Madoff's primary financial institution in an effort to force it to reshape its anti-money-laundering policies, Reuters reported. The OCC reportedly wants those policies to include greater due diligence and a...
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