If JPMorgan is culpable in profiting from the Madoff scheme, why aren't casinos culpable for allowing patrons to gambling using funds the casino should have reasonably known exceeded the patron's ability to pay?
Why are casinos allowed to retain stolen funds and profits?
Madoff trustee sues JPMorgan, others for $6.4B
The bank used most by Bernard Madoff was "willfully blind" and "thoroughly complicit" in the disgraced financier's epic fraud, lawyers working for a court-appointed trustee alleged Thursday.
The suit alleges that as Madoff's primary bank for 20 years, JPMorgan had to know that the unwavering double-digit returns Madoff reported to wealthy investors were too good to be true. The trustee cited bank documents showing questionable transactions by Madoff as evidence it was in on the scheme.
The bank "was willfully blind to the fraud, even after learning about numerous red flags surrounding Madoff," said David J. Sheehan, an attorney working for Picard. "While many financial institutions enabled Madoff's fraud, JPMC was at the very center of that fraud, and thoroughly complicit in it. ... Madoff would not have been able to commit this massive Ponzi scheme without this bank."
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Joe Soto and the Chicago Casino
5 years ago
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