Federal prosecutors on Tuesday announced that JPMorgan Chase Bank will forfeit $1.7 billion for its involvement in Bernard Madoff’s massive Ponzi scheme.
A press conference is scheduled to take place Tuesday afternoon to discuss the deal, in which prosecution of two criminal charges against the bank will be deferred for two years. The agreement requires JPMorgan to admit to its conduct, and to pay out the forfeited money to Madoff’s victims.
The bank will also have to reform its anti-money laundering policies, according to a press release from the U.S Attorney’s Office for the Southern District of New York.
Read the documents released by the U.S. Attorney’s Office:
