Signals on Madoff ‘ignored at JPMorgan’

The Financial Times reports:

Senior JPMorgan Chase executives were aware of suspicions that Bernard Madoff was running a Ponzi scheme, according to an updated court filing from the trustee charged with recovering money for Mr Madoff’s victims.

John Hogan, a senior risk officer at JPMorgan’s investment bank and a member of the company’s executive committee, voiced concerns about Mr Madoff’s firm to colleagues in 2007, according to a new version of the 114-page complaint. The allegation is part of a $6.4bn lawsuit filed against the bank by the trustee, Irving Picard. Mr Hogan is said to have learnt of Mr Madoff’s Ponzi scheme from Matt Zames, a rising star who has a wide portfolio of responsibilities at JPMorgan’s investment bank.

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