Madoff Trustee Sues JPMorgan For "Enabling" Massive Fraud, seeks $6.5 billion

A

ASusilovic

Madoff trustee Irving Picard has picked his biggest target yet in a series of "clawback" lawsuits: JPMorgan.

Picard is seeking $6.5 billion from the JPMorgan, which was Bernie Madoff's primary banker, for "enabling" fraud, according to CNBC. The trustee says JPMorgan should have recognized fraudulent activity.

Picard filed 100 lawsuits just yesterday as part of a flurry of lawsuits filed before the mid-December deadline. He had recovered around $1.5 billion by Sept. 30 and sought to recover $18.5 billion, according to Dealbook.

The largest lawsuit filed yesterday was against Blue Star Investors for $20 billion.

http://finance.yahoo.com/news/Madoff-Trustee-Sues-JPMorgan-siliconalley-1055748638.html?x=0&.v=2

Short 39.14
 
By my memory, There was someone like Madolf during 1930s crash. His name was Michael Withiney, the president of NASDAQ. He used his clients' security as collateral to keep buying one stock. Each time the stock went down, he would buy substantial amount so to keep it up. Finally he ran out of client's security and the stock price collapsed. He was busted. :D
 
This is turning ugly

As long as we have greedy people in WS, we will have this problem

We don't need smart crooks

We need honest and smart people. There are many out there but the system picks the crooks.

Why?
 
Quote from adadadog:

By my memory, There was someone like Madolf during 1930s crash. His name was Michael Withiney, the president of NASDAQ. He used his clients' security as collateral to keep buying one stock. Each time the stock went down, he would buy substantial amount so to keep it up. Finally he ran out of client's security and the stock price collapsed. He was busted. :D
More...

Sorry, president of NYSE was the guy's job.
 
You must log in or register to reply here.
Back
Top