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November 27, 2014 / 5 Kislev, 5775
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Posts Tagged ‘JP Morgan’

JP Morgan to Pay $1.7 Billion to Madoff Fraud Victims

Tuesday, January 7th, 2014

J.P. Morgan Chase will pay $1.7 billion to victims of the Bernard Madoff Ponzi fraud scheme, according to deal announced by the Justice Department’s prosecutors, who agreed to delay criminal charges against the bank.

The financial institution is charged with violating the Bank Secrecy Act, and charges will be delayed for two years pending the payments and changes in the bank’s policies to stop prevent money laundering, which is how Madoff got away with his fraud until finally getting caught.

Madoff is serving a sentence of 150 years in prison for raking billions of dollars from investor’s accounts. One of those hardest hit was yeshiva University.

The Wall Street Journal reported Tuesday that the bank failed to send U.S. regulators a formal report on Madoff’s activities even though it had informed Britain in 2008 that Madoff’s returns on investments were “too good to be true.”

Bottle of Cologne Stands in Way of Frenkel as Bank Governor

Monday, July 15th, 2013

An alleged shoplifting incident in Hong Kong in 2006 has become a major issue over whether Yaakov Frenkel will return to his former post as Governor of the Bank of Israel, replacing Stanley Fischer who is quitting in mid-term to return to the United States.

Prime Minister Binyamin Netanyahu’s nomination of Frenkel two weeks ago seemed a sure thing until someone remembered the Hong Kong affair over a bottle of cologne. Frenkel not only denies any wrongdoing but also claims that Hong Kong authorities were grateful that he did not sue over the “misunderstanding.”

His nomination has to be cleared by the Turkel Committee, which examine nominees for most government posts. The panel initially gave the go-ahead, but that was before it knew about the bottle of cologne.

Frenkel’s problem is that even if he is absolutely innocent, the suspicion may be enough keep him out of any other important job, such as a post that was being prepared for him at JP Morgan.

Printed from: http://www.jewishpress.com/news/breaking-news/bottle-of-cologne-stands-in-way-of-frenkel-as-bank-governor/2013/07/15/

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