1. Foreign Assets

    JP Morgan Fined $88.3M

    JP Morgan Chase building sign, Friday, Feb. 4, 2011 in New York.  E-mails and other internal documents show that executives at JPMorgan Chase were complicit in Bernard Madoff's massive fraud, lawyers seeking to recover funds for his victims said Thursday.

    Bebeto Matthews / AP Photo

    JP Morgan was fined $88.3 million on Thursday in connection with transactions involving Iran, Cuba, and Sudan. JP Morgan will pay the money to the Treasury Department, who called the bank’s actions “egregious” in a statement. The Treasury Department’s Office of Foreign Asset Control said JP Morgan had processed wire transfers in late 2005 and early 2006 totaling around $178.5 million for Cuban nationals, a violation of the U.S.’s embargo laws, and then failed to report the transfers after discovering them. The bank was also fined for a $2.9 million loan to a bank with ties to Iran’s government. In the third incident, the bank reportedly failed to give up documents relating to a wire transfer that referred to Sudan’s capital, Khartoum. The penalty had been lightened because JP Morgan cooperated with the investigation, the Treasury Department said.

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