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Weekly Roundup: JPMorgan Soon to Pay for Madoff Accounts, Romania Grants Domestic PEPs Immunity, and More
printJPMorgan Chase is expected to hand over nearly $2 billion to federal officials for failing to halt Bernard Madoff's massive Ponzi scheme, The New York Times reported Wednesday, citing anonymous sources. Expected by the end of the year, the settlement will include a $1 billion payout as part of a deferred prosecution agreement, the newspaper said. More Developing nations lost a total of $5.9 trillion to criminal activity between 2002 and 2011, with China, Russia and Mexico producing the biggest illicit outflows, Global Financial Integrity (GFI) concluded in a report. Approximately $945 billion was lost to corruption, tax evasion and...
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Reading the documentation accompanying JPMorgan Chase's record $2.05 billion settlement for failing to report Bernie Madoff's suspicious transactions, one might reasonably ask how a fire with so much smoke could have burned for so long.
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