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JP Morgan Chase Fined $2 Billion In Madoff Case

Some funds from the two-billion-dollar settlement would reportedly be used to compensate victims.
JP Morgan Chase is reportedly close to reaching a two-billion-dollar settlement with federal prosecutors over Bernard Madoff's ponzi scheme.

The New York Times and Wall Street Journal report the deal is expected to come this week.

Federal prosecutors have accused JP Morgan of ignoring red flags about Madoff's crimes, and allegedly turning a blind eye to the largest ponzi scheme in history.

Madoff swindled about 20-billion from thousands of investors who thought he was operating a legitimate Wall Street firm.

He's serving a 150-year prison sentence after pleading guilty to 11 counts, including fraud.

Some funds from the two-billion-dollar settlement would reportedly be used to compensate victims.
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