Madoff: Chase Execs Were Aware Of Ponzi Scheme

Despite evidence to the contrary, the folks at JPMorgan Chase have denied knowing anything at all about Bernie Madoff’s multi-billion dollar Ponzi scheme. But in a new interview, the scam artist says that senior Chase execs weren’t exactly in the dark about what he was doing.

“I am not a banker, but I know that $100 billion going in and out of a bank account is something that should alert you to something,” said Bernie in a jailhouse interview with the Financial Times. “There were senior people at the bank who knew what was going on.”

Chase is currently the target of a lawsuit by Irving Picard, the trustee for the victim’s of Madoff’s scam. The suit alleges that the bank was complicit in the scheme, and that Chase execs were aware of suspicious activity but did nothing about it.

Earlier this year, a lawyer for Picard said Madoff “would not have been able to commit this massive Ponzi scheme without [Chase].”

As I write this story, JPMorgan Chase is getting its butt handed to it by Ticketmaster in their Worst Company In America showdown.

Madoff claims senior J.P. Morgan execs knew of $65B Ponzi scheme [NY Post]