Madoff’s dirty money

Author:Linus Wilson
Position:Department of Economics and Finance, BI Moody III College of Business Administration, University of Louisiana at Lafayette, Louisiana, USA
Pages:289-299
SUMMARY

Purpose The purpose of this study is to estimate the profits to JPMorgan Chase from the Madoff Ponzi scheme’s checking account deposits at the bank based on the data in Harbeck (2011). The Madoff Ponzi scheme was sitting on a cash hoard in excess of a US$1bn by the 1990s. Most of that money came into and stayed in the 703 account at JPMorgan Chase or it was transferred to one of the 11... (see full summary)


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