JP Morgan Isn’t a “Bank”, It is a Criminal Syndicate
Source: Zero Hedge
After Slamming Bitcoin As A Money Laundering Tool, JPMorgan Busted For Money Laundering
by Tyler Durden • Nov 17, 2017 5:17 AM
Score one for the poetic irony pages.
Two months after JPMorgan CEO Jamie Dimon lashed out at bitcoin, calling it a “fraud” which is “worse than tulip bulbs, warning it won’t end well”, will “blow up” and “someone is going to get killed” and threatened that “any trader trading bitcoin” will be “fired for being stupid” as it was merely a tool for money-laundering, today Swiss daily Handelszeitung reported that the Swiss subsidiary of JPMorgan was sanctioned by the Swiss regulator, FINMA, over money laundering and “seriously violating supervision laws.”
As the newspaper adds, the Swiss sanctions relate to breaches of due diligence in connection with money laundering standards. In other words, JPMorgan was actively aiding and abetting criminal money laundering.
The report further notes, the Finma decision was issued on June 30 and should have been published the following week but JPMorgan tried to prevent the publication of the judgment. More recently, the Federal Administrative Court dismissed the appeal.
In response to money-laundering violation, JPM said that in support of safety and soundness of global monetary system, “we have made and continue to make significant enhancements to the firm’s AML program to ensure we are meeting regulatory expectations,” according to an emailed statement sent to Bloomberg.
Unfortunately, JPMorgan also said that it can’t, or rather won’t, provide further details since the Finma resolution from June 2017 isn’t public.
This means that anyone wondering if Jamie Dimon’s bank was using (and thus trading) bitcoin to circumvent Swiss anti-money laundering regulations, will just have to ask Jamie Dimon in person during his next public appearance.
Don’t let JP Morgan fool you, they knew every transaction Madoff was making throughout his criminal career. Bernie here had a computer rigging operation going on in his second floor offices running a scam to pay off people around the world for the bad guys.
Source: The New York Times
JPMorgan Is Penalized $2 Billion Over Madoff
By Ben Protess and Jessica Silver-Greenberg • January 7, 2014
JPMorgan Chase has reached settlements with federal authorities who suspect that it ignored signs of Bernard L. Madoff’s vast Ponzi scheme.Credit Stephen Chernin/Getty Images
Updated, 9:37 p.m. | Two men who occupy coveted roles in Manhattan’s power elite, one the city’s top federal prosecutor and the other its top banker, sat down in early November to discuss a case that was weighing on them both.
Preet Bharara, the United States attorney in Manhattan, and Jamie Dimon, the chief executive of JPMorgan Chase, gathered in Lower Manhattan as Mr. Bharara’s prosecutors were considering criminal charges against Mr. Dimon’s bank for turning a blind eye to the Ponzi scheme run by Bernard L. Madoff. Mr. Dimon and his lawyers outlined the bank’s defense in the hopes of securing a lesser civil case, according to people briefed on the meeting.
But at the cordial meeting in Mr. Bharara’s windowless conference room lined with law books, the prosecutors would not budge. Mr. Bharara — flanked by his own lieutenants, including Richard B. Zabel and Lorin L. Reisner — made it clear that he thought the wrongdoing was significant enough to warrant a criminal case.
On Tuesday, Mr. Bharara announced the culmination of that case, imposing a $1.7 billion penalty stemming from two felony violations of the Bank Secrecy Act, a federal law that requires banks to alert authorities to suspicious activity. The prosecutors, calling the amount a record for violating that 1970 federal law, will direct the money to Mr. Madoff’s victims.
The outcome of the case and the tenor of the settlement talks underscore the significant leverage prosecutors wield when negotiating with Wall Street’s biggest firms. Even though JPMorgan had defeated a similar private lawsuit just months earlier, bank executives were unwilling to gamble against the government.
Within weeks of meeting Mr. Bharara and recognizing their limited bargaining power, JPMorgan’s lawyers accepted the $1.7 billion penalty, the people briefed on the meeting said, which was within the range that prosecutors initially proposed. The bank also agreed to pay $350 million to the Office of the Comptroller of the Currency, accepting the agency’s only offer, one of the people said.
It could have been worse for the bank. At one point, prosecutors were weighing whether to demand that the bank plead guilty to a criminal charge, a move that senior executives feared could have devastating ripple effects. Rather than extracting a guilty plea, prosecutors struck a so-called deferred-prosecution agreement, suspending an indictment for two years as long as JPMorgan overhauls its controls against money-laundering.
Please go to The New York Times to read more on the criminality of JP Morgan.
JP Morgan is nothing more than a criminal syndicate and there is nothing anyone can do about it. JP Morgan will continue getting away with their criminal banking including silver price manipulation. Just imagine for a moment JP Morgan getting into cryptocurrencies including bitcoin how they will corrupt it?
JPMorgan beats Madoff customers’ appeal
by Jonathan Stempel • April 27, 2017
NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N) is not liable to a group of former customers of Bernard Madoff who blamed the bank for being actively involved in his Ponzi scheme and ignoring red flags of fraud, a federal appeals court ruled on Wednesday.
The 2nd U.S. Circuit Court of Appeals in Manhattan said the customers failed to show that JPMorgan had enough “control” over Madoff’s fraud to justify liability under federal securities laws.
JPMorgan had been sued by roughly 2,500 so-called “net winners” who withdrew more money from their accounts at Bernard L. Madoff Investment Securities LLC than they invested.
Lance Gotthoffer, a lawyer for the customers, said his clients will review their legal options.
Wednesday’s decision upheld a May 2016 ruling by U.S. District Judge John Koeltl in Manhattan.
Koeltel said the allegations suggested that JPMorgan was at most negligent in dealing with Madoff, once a major client.
Many net winners believe their claims were undervalued in the liquidation of Madoff’s firm, and sued other individuals and companies that dealt with the swindler.
Madoff has served roughly eight years of a 150-year prison term. He turns 79 on Saturday.
“People without homes will not quarrel with their leaders. This is well known among our principle men now engaged in forming an imperialism of capitalism to govern the world. By dividing the people we can get them to expend their energies in fighting over questions of no importance to us except as teachers of the common herd.” — JP Morgan