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Picard Amended Complaint

Picard Amended Complaint

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Published by: DinSFLA on Feb 03, 2011
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Baker & Hostetler LLP
45 Rockefeller Plaza New York, NY 10111Telephone: (212) 589-4200Facsimile: (212) 589-4201David J. SheehanEmail: dsheehan@bakerlaw.comDeborah H. Renner Email: drenner@bakerlaw.comKeith R. MurphyEmail: kmurphy@bakerlaw.comJessie M. GabrielEmail: jgabriel@bakerlaw.comSeanna R. BrownEmail: sbrown@bakerlaw.comJennifer A. VessellsEmail: jvessells@bakerlaw.comLauren M. Hilsheimer Email: lhilsheimer@bakerlaw.comLindsey D’AndreaEmail: ldandrea@bakerlaw.com
 Attorneys for Irving H. Picard, Trustee for the Substantively Consolidated SIPA Liquidation of Bernard L. Madoff Investment Securities LLC and Estate of Bernard L. Madoff 
UNITED STATES BANKRUPTCY COURTSOUTHERN DISTRICT OF NEW YORK 
SECURITIES INVESTOR PROTECTIONCORPORATION,Plaintiff-Applicant,v.BERNARD L. MADOFF INVESTMENTSECURITIES LLC,Defendant.Adv. Pro. No. 08-01789 (BRL)SIPA LIQUIDATION(Substantively Consolidated)
COMPLAINTREDACTED
In re:BERNARD L. MADOFF,Debtor.
www.StopForeclosureFraud.com
 
IRVING H. PICARD, Trustee for the Liquidationof Bernard L. Madoff Investment Securities LLC,Plaintiff,v.JPMORGAN CHASE & CO., JPMORGANCHASE BANK, N.A., J.P. MORGANSECURITIES LLC, andJ.P. MORGANSECURITIES LTD.,Defendants.Adv. Pro. No. 10-04932 (BRL)
www.StopForeclosureFraud.com
 
TABLE OF CONTENTSPage
 NATURE OF THE ACTION............................................................................................1JURISDICTION AND VENUE........................................................................................6PARTIES...........................................................................................................................6The Trustee............................................................................................................6The Defendants......................................................................................................8MADOFF’S INVESTMENT ADVISORY, MARKET MAKING, ANDPROPRIETARY TRADING BUSINESSES.......................................................11SIPA LIQUIDATION......................................................................................................16THE PLAYERS...............................................................................................................18Relevant JPMC Business Segments....................................................................18Relevant JPMC Divisions and Employees..........................................................19Relevant JPMC Committees................................................................................21BLMIS Feeder Funds...........................................................................................22Other Relevant Entities........................................................................................23JPMC’S INVESTMENT IN BLMIS FEEDER FUNDS.................................................23JPMC’s Note Program.........................................................................................23JPMC Starts Structuring and Issuing Products on BLMIS Feeder Funds...........25JPMC’s Due Diligence Led to Unanswered, Disturbing QuestionsRegarding Madoff and His Investment Strategy.....................................26Undeterred by Failed Due Diligence, Equity Exotics Requests Approvalfrom the Hedge Fund Underwriting Committee to IssueApproximately $1 Billion in BLMIS-Related Products..........................30The Investment Bank Continues to See Red Flags..............................................32Faced Again with Numerous Indications of Madoff’s Fraud, JPMCQuietly Removes All of Its Assets from the BLMIS Feeder Funds........39After the Fraud Was Revealed, JPMC Admitted Knowledge That Madoff Was a Fraud.............................................................................................41JPMC’S “LESSONS LEARNED”..................................................................................44JPMC’S VIEW OF MADOFF AS SEEN FROM ACCOUNT ACTIVITY...................47Madoff Finds a Banker to Assist Him in His Ponzi Scheme...............................47The Establishment of Madoff’s Account.............................................................48-i-
www.StopForeclosureFraud.com

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