Word: bankes
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
...puzzler for money chasers in Madoff's $65 billion Ponzi is why the multibillion-dollar bank account he kept at Chase never came under suspicion by internal bank compliance systems or managers in charge of Madoff's account. (Watch TIME's video about Madoff's trial...
...Jackson says. "If it's set up for a high-volume and multiple-wire-transfers account, then it won't reveal anything strange when there's lots of activity, like Madoff's account. The only way to stop this kind of fraud is for the bank to know its client better and to report things that might be suspicious. It really comes down to human control...
...thing that should have raised suspicions is that the bank's review of its own investments caused it to pull $250 million from a Madoff feeder fund, Fairfield Greenwich, just months before Madoff was arrested. Chase took this action because it became "concerned about the lack of transparency," and its due diligence "raised doubts" about Madoff's operation...
...notion a bank can be concerned about investments with Madoff and then be unconcerned by the same man's vast sums of cash flowing in and out of the same bank has experts and lawyers still shaking their heads. Others see it as a classic breakdown between technology and the human factor...
...lawyer, Howard Kleinhendler, of Wachtel & Masyr LLP, is following the money trail and believes Madoff's Chase account was "suspicious" and should have been shut down the moment the bank pulled its funds from Fairfield Greenwich. Kleinhendler represents a dozen Madoff victims. (Read "Madoff Victims Look for Ways to Recover Their Money...