JPMorgan Chase’s roughly $2 billion deal to settle allegations the bank turned a blind eye to Bernard Madoff’s massive Ponzi scheme was harshly criticized Tuesday by investor advocates. Much of the criticism targeted the government’s decision to allow JPMorgan, the largest U.S. bank by assets, to settle the allegations without either the firm or any individuals employed by the bank facing prosecution. “I’m deeply disappointed,” said Ron Stein, president the Network for Investor Action & Protection, an investor advocacy group formed in the wake of the Madoff scandal. “The fact that no one is actually being prosecuted is an embarrassment to the Department of Justice.” More on Fox Business here.
