Madoff, other felons say markets are rigged
Now, these guys know what are they talking about 
Now, these guys know what are they talking about
First hand experience And teachers of some of the guys doing the same things right now
First hand experience
And teachers of some of the guys doing the same things right now The guys doing it now waiting their turn in the government facilities
Criminal Action Is Expected for JPMorgan in Madoff Case
JPMorgan Chase and federal authorities are nearing settlements over the bank’s ties to Bernard L. Madoff, striking tentative deals that would involve roughly $2 billion in penalties and a rare criminal action. The government will use a sizable portion of the money to compensate Mr. Madoff’s victims.
The settlements, which are coming together on the anniversary of Mr. Madoff’s arrest at his Manhattan penthouse five years ago on Wednesday, would fault the bank for turning a blind eye to his huge Ponzi scheme, according to people briefed on the case who were not authorized to speak publicly.
A settlement with federal prosecutors in Manhattan, the people said, would include a so-called deferred-prosecution agreement and more than $1 billion in penalties to resolve the criminal case. The rest of the fines would be imposed by Washington regulators investigating broader gaps in the bank’s money-laundering safeguards.
The agreement to defer prosecution would also list the bank’s criminal violations in a court filing but stop short of an indictment as long as JPMorgan pays the penalties and acknowledges the facts of the government’s case. In the negotiations, the prosecutors discussed the idea of extracting a guilty plea from JPMorgan, the people said, but ultimately chose the steep fine and deferred-prosecution agreement, which could come by the end of the year.
Until now, no big Wall Street bank has ever been subjected to such an agreement, which is typically deployed only when misconduct is severe. JPMorgan, the authorities suspect, continued to serve as Mr. Madoff’s primary bank even as questions mounted about his operation, with one bank executive acknowledging before the arrest that Mr. Madoff’s “Oz-like signals” were “too difficult to ignore,” according to a private lawsuit.
JPMorgan, which declined to comment for this article, has repeatedly said that “all personnel acted in good faith” in the Madoff matter. No one at JPMorgan has been accused of wrongdoing and the bank was not the only one to miss Mr. Madoff’s fraud, which duped regulators and clients for decades.
JP Morgan to pay $1.7bn to victims of the Madoff fraud
JP Morgan Chase has agreed to pay $1.7bn (£1bn) to victims of the Bernard Madoff fraud following a settlement with US prosecutors.
The settlement comes after Federal prosecutors accused the bank of ignoring red flags about Madoff's crimes.
"We recognize we could have done a better job," said JP Morgan spokesperson Jennifer Zuccarelli.
The bank has agreed to improve its controls as part of the settlement.
No jail
While JP Morgan acknowledged failures in its protections against money laundering, the settlement includes a so-called deferred prosecution agreement that allows it to avoid criminal charges.
No individual executives were accused of wrongdoing.
JP Morgan was Madoff's primary bank in the later years of a fraud that lasted for decades.
The bank had a relationship with Madoff dating back to 1986, according to documents released by the US Attorney's office.
It ended in 2008 when Madoff revealed to the FBI that his investment advisory business was a Ponzi scheme.
According to the complaint, Madoff's account - account 703 - received deposits and transfers totalling $150bn over the period from 1986 until the fraud was discovered in 2008, almost exclusively from Madoff Securities.
JP Morgan employees began raising red flags about the account from the late 1990s up until 2008, but no action was taken to alert US regulators.
The 75-year-old Madoff pleaded guilty to the fraud and is currently serving a 150-year prison sentence in the US.
At this rate with all their fines how will they find enough for the bonuses this yr
how much are they upto for the last yr in fines?
although actually the maths works out just fine
take 10-15bill in fines every yr and make 60bill through the extra manipulation where the fines are incurred
nice 
these guys must be the most corrupt on Wall street and that's no mean feat, or maybe just not the cleverest as they keep being caught where as the others don't
JPM should really be closed down, or split up, but we know that's never going to happen
Oh well : it took only 18 years before the JP Morgan bosses decided that they are going to be honest for one day Even that one day was too long for some of them
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Faced with a rash of insider trading in the markets, federal prosecutors and securities regulators in recent years have stepped up efforts to crack down on violations.
But insider trading and market fraud persist, perhaps at epidemic levels. Even though the Securities and Exchange Commission has brought more insider-trading actions in the past three years than in any three-year period in the agency’s history, and even though the U.S. attorney in New York City has convicted 73 people in insider-trading cases since 2009, the crime remains all too common.
That’s what MarketWatch found in a series of interviews with people convicted of insider trading and fraud. These felons painted a picture of an unfair market driven by widespread cheating that favors those with privileged information and expensive technology. The cheating also hurts individual investors and retirement savers trying to follow the rules of the road and produces a deeply unfair market environment.
MarketWatch reporters conducted a series of in-depth interviews with ex–investment brokers and others who lost their trading licenses and are either in prison serving multiyear sentences or have done their time in the slammer and now advise others on what not to do.
The results were discouraging.
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