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Court Documents Reveal that JPMorgan Chase Was Entangled in Another Giant Ponzi Scheme at the Same Time It Was Propping Up Bernie Madoff’s Ponzi Scheme

Courtesy of Pam Martens

Jamie Dimon, Chairman and CEO of JPMorgan Chase

Jamie Dimon, Chairman and CEO of JPMorgan Chase

After reading the documents released by the Justice Department in January 2014 in connection with JPMorgan Chase’s settlement over its role in the Bernie Madoff Ponzi scheme, the Los Angeles Times asked this question: “Bernie Madoff: Was he part of the JPMorgan ring, or was JPMorgan part of his ring?” Given the facts of the case, the question was more than fair.

In January of 2014 JPMorgan Chase paid $2.6 billion in fines and restitution, signed a deferred prosecution agreement with the Justice Department and walked away from further criminal charges over its 22-year involvement with Bernie Madoff’s Ponzi scheme. The Madoff Ponzi scheme was the largest in U.S. history with fictitious investment account statements showing his clients held $64.8 billion in securities with his firm. (Madoff never actually bought any stocks or other securities for his investment clients.)

The Madoff case commanded headlines for years. But a recent review of federal court filings by Wall Street On Parade shows that at the same time that JPMorgan Chase was deeply involved with Madoff, it was simultaneously entangled with another multi-billion dollar Ponzi scheme being orchestrated by Thomas Petters. JPMorgan Chase’s involvement in the Petters case has been largely ignored by mainstream media.

Both the Petters’ Ponzi scheme and the Madoff Ponzi scheme collapsed in 2008 during the financial crash on Wall Street. The Petters’ fraud collapsed after one of his employees contacted law enforcement. Federal agents raided Petters’ offices and arrested him on October 3, 2008. Madoff confessed to his sons in early December 2008 and he surrendered to Federal authorities on December 11, 2008 – just a little more than two months after the arrest of Petters.

On June 29, 2009 Madoff was sentenced to 150 years in federal prison. Madoff died on April 14 of this year in the medical facility of the federal prison in Butner, North Carolina.


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