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Global financial services firm JPMorgan Chase & Co was "at the very centre" of and "complicit" in the USD 50 billion dollar Ponzi scheme masterminded by disgraced investment manager Bernard Madoff , a lawsuit filed in a US bankruptcy court has alleged.
The USD 6.4 billion lawsuit filed by Irving Picard , a court-appointed trustee seeking to recover money for former Madoff clients, alleges that despite being aware of the fraud, the US bank continued to do business with the scamster in the hope of protecting the bank's investments.