Executives spared in JPMorgan's $2 billion Madoff deal: sources [View all]
'spared'? rob a 7/11 and do hard time....
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JPMorgan Chase is expected to pay about $2 billion to settle an investigation into its dealings with convicted fraudster Bernard Madoff, though no individuals at the bank will be implicated, sources familiar with the agreement told CNBC.
The deal, which Manhattan U.S. Attorney Preet Bharara could announce as soon as Tuesday, will also allow the bank to avoid criminal charges by agreeing to adopt tighter anti-money-laundering controls and other reforms, the sources said.
The settlement would represent roughly one week's revenue for the nation's largest bank, which reported $23.8 billion in revenue in third-quarter 2013.
Bharara's office declined to comment Monday, as did the Office of the Comptroller of the Currency (the bank's chief regulator) and the bank itself.
http://www.nbcnews.com/business/jpmorgan-chase-set-reach-billion-dollar-settlement-over-madoff-case-2D11866371
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