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Ponzi Scheme Collusion

Picard v. J.P.Morgan Chase & Co., et al. 11 Civ. 913 (S.D.N.Y.) manhattan

Action commenced as adversary proceeding in liquidation of Madoff's investment firm BMIS; alleges billions of dollars in common-law claims (aiding and abetting fraud and breach of fiduciary duty, 'fraud on the regulator,' unjust enrichment, conversion, aiding and abetting conversion, knowing participation in breach of trust, and contribution) against JPMorgan Chase & Co., JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, and J.P. Morgan Securities Ltd. Claims are based on allegation that JPMorgan defendants, as Madoff's and BMIS's primary banker, knew or More...

Securities Investor Protection Corporation v. Bernard L. Madoff Investment Securities LLC 08-01789 (S.D.N.Y.) Manhattan

Original proceeding against Bernard Madoff initiated shortly after his arrest, the case was filed by the Securities Investor Protection Corporation claiming that Madoff's investment company would not be able to meet obligations to securities customers as they came due and that as a result, the customers need the protection afforded by the Securities Investor Protection Act. On the same day the court granted SIPC's request to move the proceeding to bankruptcy court. See Picard v. JPMorgan Chase & Co., et al., Adv. Pro. No. 10-4932. More...

Kelley v. JPMorgan Chase & Co et al. 10-cv-04999 (D. Minn) Minneapolis

Similar to Picard/Madoff action, the case was filed by Douglas Kelley, trustee in bankruptcy for convicted Ponzi schemer Tom Petters and his former companies. The action seeks approximately $300 million, and alleges among other things that JP Morgan, Petters’ former bank, “knew or should have known that the money in Petters’ investment accounts was derived from fraud” and ignored “red flags” in order to profit from participation in the proposed acquisition of Polaroid by Petters. The actions also names individuals employed by JP Morgan or it subsidia More...

Picard v. JPMorgan Chase & Co et al. Adv. Pro. 10-04932 (Bkr. SDNY) Manhattan

Irving Picard, the bankruptcy trustee for the estate of convicted multi-billion-dollar Ponzi schemer Bernard Madoff, alleges that JP Morgan played a “significant role in aiding and abetting” the fraud. “While numerous financial institutions enabled Madoff's fraud, JP Morgan was at the very center of the fraud and thoroughly complicit in it.” The complaint cites internal JP Morgan emails, e.g.: “For whatever it[’]s worth, I am sitting at lunch with [JPMC Employee 1] who just told me that there is a well-known cloud over the head of Madoff and that hi More...