Buy this domain.
JPMorgan Ensnared in Madoff Lawsuit | cialis online

JPMorgan Ensnared in Madoff Lawsuit

AddThis Social Bookmark Button

MLSMK Investments Co., a Palm Beach, Florida- based partnership, has filed suit against JPMorgan Chase over losses it sustained as a result of   Bernard Madoff’s Ponzi scheme.

As we reported in January, in 2006, JPMorgan  had started offering investors a way to leverage their bets on the future performance of two Fairfield Greenwich Group hedge funds that invested with  Madoff. MLSMK invested $12.8 million with JPMorgan  in this manner from October to December. 

To protect itself from the resulting risk, the bank put $250 million of its own money into those funds.  Last fall, JPMorgan began taking its own money out the hedge funds, but never let its investors know.

JPMorgan, according to the complaint, “began to grow suspicious of Madoff’s results and embarked on a due diligence investigation of Madoff’s operations,” said.  According to the lawsuit, that investigation determined it wasn’t plausible for Madoff to be generating the returns he claimed. According to the MLSMK complaint, JPMorgan’s decision last fall to begin liquidating its position in the Madoff-linked hedge funds was prompted by its due diligence investigation.

According to, Madoff himself had a checking account with JPMorgan.  The  MLSMK Investments’ lawsuit claims that JPMorgan had indications that something  odd was going on with Madoff’s accounts. For instance, the average balance in his checking accounts at JPMorgan Chase ran into the billions of dollars between 2006 and the middle of 2008, as nervous customers moved money from seemingly riskier investments and deposited it with Madoff. Then in September 2008, the cash balance “began to drop precipitously,” sometimes hovering near zero until Madoff could transfer fresh funds in  his London affiliate.

According to the Times, attorneys representing MLSMK said that the erratic activity in Madoff’s accounts should have “raised alarms” at JPMorgan.

« »

Leave a Reply

You must be logged in to post a comment.




Defective Johnson & Johnson Depuy ASR Hip Implants

The Johnson & Johnson Depuy ASR Hip Implant is suppose to last 15 years, but can fail in only a few years after surgery. Victims with faulty hip implants endure excruciating pain, pain in the groin, death of tissue in the hip joint and loss of surrounding bone. GET ALL THE FACTS NOW! CLICK HERE!

CAT Scans Radiation Exposure

If you had a CT or CAT scan and now have a band of missing hair, skin reddening or any other problems possibly related to a radiation overdose, you may have been exposed to much radiation due to incorrect settings on these machines. CONTACT US TODAY!

Water Contamination From Fracking

Hydraulic Fracturing of Fracking a way to extract natural gas from shale is contaminating water supplies across the country. Get the facts to keep your drinking water safe for your family.

Overexposure to PCBs

Many people unknowingly have been exposed to high levels of PCBs. Recently 3 schools in NY City were found to have dangerous levels of PCBs throughout. Many workers for Monsanto, General Electric, and Westinghouse were exposed to high levels of PCBs. PCBs are a dangerous toxic substance that doesn't break down easily and can cause chloracne, bleeding and neurological disorders, liver damage, spontaneous abortions, malformed babies, cancer, and death. GET THE FACTS!
Overexposure to

Great Photography

Tallis Photo, the number one photographer for great corporate, wedding, and special occasion photos. CONTACT US TODAY!

Poligrip Lawsuit

Super Poligrip or Fixodent May Cause Nerve Damage. 800-LAW-INFO

Personal Injury Lawyer Nassau County

If you or someone you love was injured CONTACT US TODAY!

Nursing Home Blog

When a loved one is abused at a nursing home, it is time to take action. STOP nursing home abuse!

Car Accident Lawyer Nassau County

If you or someone you love was injured in an auto accident CONTACT US TODAY!

Suffolk County Auto Accident Lawyer

If you or someone you love was injured in an auto accident in Suffolk County, NY CONTACT US TODAY!

Don't Be Denied Veterans Benefits

If you or someone you love was denied veterans benefits CONTACT US TODAY!

Oil Rig Spills Lawyer

Oil Rig Spills harm the environment and cause heavy losses to coastal game and fishing industries, as well as a loss of waterway usage, resulting in a loss of income to individuals and businesses, and a loss of beach front usage. Don't let a spill cause you harm, CONTACT US TODAY!

Whistle Blower

Stand up and say what you think is right. See something, say something.