Trustee for Madoff Victims Sues JP Morgan for ‘Enabling’
December 3, 2010
(ChattahBox U.S. News)—Finding assets to return to victims of Bernard Madoff’s Ponzi scheme hasn’t been easy for trustee Irving Picard, who is now seeking money for the duped investors from JP Morgan Chase (JPMC), rawstory.com reports. Picard filed a $6.4 billion suit against JPMC, alleging that as Madoff’s primary banker for over 20 years, JPMC aided and abetted Madoff’s fraud.
JPMC denied any wrongdoing, with a spokesperson for the bank noting that it has made a “significant effort” thus far to assist Picard in investigating Madoff’s fraud. Earlier this year, Picard filed a $2 billion suit against UBS, a Swiss bank, for its alleged part in Madoff’s fraudulent practices, rawstory.com notes.
Madoff’s firm was liquidated and his personal items were sold at auction in an attempt to distribute funds to fraud victims, rawstory.com reports. Madoff was sentenced last year to 150 years in prison and is serving time in a North Carolina facility.