Yet he remained a JP Morgan client for another five years. One theory of why the disgraced American – who died in jail last year – was kept on in the face of increasingly lurid allegations was his value to JP Morgan. JP Morgan eventually paid a $2.5 billion fine for failing for two decades to report Madoff’s suspicious dealings. JP Morgan admitted it could have done a better job of handling concerns about Madoff’s activities but said no employee knowingly assisted with the fraud. JP Morgan has also issued a grovelling apology and paid millions of dollars in reparations for historic links to the slave trade.

Source: Daily Mail February 08, 2020 23:53 UTC