JPM's Madoff entanglement could prompt review of bank charter

|By:, SA News Editor

The Office of the Comptroller of the Currency (OCC) has reportedly told the office of U.S. Attorney Preet Bharara that a criminal money laundering conviction of JPMorgan (JPM) for turning a blind eye to Bernie Madoff's Ponzi scheme could trigger a review of the bank's charter.

JPMorgan and prosecutors are in talks about a deferred prosecution agreement in which the latter would file charges that would be dismissed after a set period of time if the bank meets certain conditions. JPMorgan could also pay a fine.