Collateral News

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There's something very ugly unfolding in the federal law enforcement arena concerning the financial companies involved in Bernie Madoff's epic scam, and JPMorgan, the Treasury Department's enforcement division, and perhaps even a handful of strange deaths are at the center of it. Welcome to Collateral Last month, on January 7, 2014, the Justice Department very publicly admonished JP Morgan Bank for its important role facilitating Bernie Madoff's elaborate fraud. Morgan received almost $2B in fines and a far-reaching deferred prosecution agreement requiring the Bank to turn over all relevant documents it possesses and to secure the testimony of any and all employees in any way related to the bank's participation in the scam. The Justice Department's ire was allegedly stirred by the failure of JPMorgan to issue a single suspicious activity report to the US Treasury department during the period of several years Madoff was making literally thousands of suspicious transaction in accounts managed by JP Morgan's predecessor bank, Chase Manhattan. So, one might think the Feds really wants a full accounting here, right? One would be wrong. Turns out, another bank that was doing business with Madoff back in the 1990's terminated its relationship with him after it discovered him conducting transaction with no legitimate business purposes. It then filed a suspicious activities report as it should have, noting the participation of, among others, Chase Manhattan. So how did that US Treasury investigation into Madoff's suspicious activity come out? No one knows, because apparently there's no record it was ever conducted. Treasury's CRIME ENFORCEMENT DIVISION claims it has no records pursuant to an FOIA request recently made for those documents by a web site doing strong work on this matter, Further, in December 2013 when the Treasury Department's enforcement division made an effort to subpoena documents related to JP Morgan's participation in the Madoff fraud, documents that JP Morgan desperately wanted to keep hidden, the Justice Department refused to enforce the subpoena, effectively siding with criminal bank JP Morgan. So what's going on here? Were Madoff and his partner-in-crime banks being protected then (and now) despite occasional outward appearances? Or was there an investigation after which the document record was simply lost, shredded, or otherwise discarded to protect the guilty? People want to know, not least because this round of bank protection has coincided with the odd deaths of several young JPMorgan employees in the past few weeks. Their names are Gabriel Magee, Ryan Crane, Jason Alan Salais, and a man working in JP Morgan's Hong Kong division whose name has variously been reported as Dennis Li, Li Junjie, Dennis Li Jun Jie, and Dennis Lee. All are men in their 30s. Magee had phoned his wife just minutes before he allegedly jumped 30-some stories to his death. Initial reports from British police suggested there were eyewitnesses to his death, though they're backing off those claims now. Lee is also reported to have jumped to his death. Crane's death went unreported by press for 10 days, and the coroner's office for Stamford, CT has not released the cause of death or any of the circumstances surrounding it, nor has the police incident report been made public. And so around the same time JP Morgan is being put on the hot seat by Federal authorities, at least four young men, three of whom were involved in investment trading, die under seemingly strange circumstances. If and when more relevant information becomes available we'll be back with a second report. Follow us on Facebook Follow us on Twitter Stop by the Website for More News and Infotainment

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