Update: Rob Black Says JP Morgan Execs Should Be in Prison for Madoff Scandal

NEW YORK -— JPMorgan Chase & Co. is agreeing to pay a record $1.7 billion to settle criminal charges in the Bernard Madoff scam, but it says it doesn’t believe any employee knowingly assisted the massive fraud.

KRON 4’s Rob Black says JP Morgan executives should be in prison for Madoff scandal

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The bank made the comment in a statement Tuesday after federal prosecutors announced JPMorgan had agreed to pay the largest forfeiture by a U.S. bank.

The forfeiture comes with a deferred prosecution agreement that will let it avoid formal criminal proceedings on two charges of violations of the Bank Secrecy Act. The government says JPMorgan ignored obvious warnings signs of Madoff’s multibillion-dollar fraud.

In its statement, the bank says it could have done better to try to discover Madoff’s fraud. It says the lessons it has learned will make it a stronger company.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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