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Trustee's Complaint on JP Morgan

By       Message Lawrence Velvel     Permalink
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opednews.com Headlined to H3 2/4/11

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February 4, 2011

Dear Colleagues:

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            I have begun to read the newly unsealed complaint filed by the Trustee against JP Morgan Chase.   When finished, I may or may not write about it -- I haven't yet decided.   But I do think that all of you should be given an opportunity to read the complaint's (fairly dramatic) introduction, especially since the media seems to have missed (as usual) some significant aspects of it.   I have therefore appended the first five pages of the complaint.

Larry Velvel

Irving H. Picard ("Trustee"), as trustee for the substantively consolidated liquidation of

the business of Bernard L. Madoff Investment Securities LLC ("BLMIS") under the Securities Investor Protection Act, 15 U.S.C. - - 78aaa, et seq . ("SIPA"), and the estate of Bernard L. Madoff, by and through his undersigned counsel, as and for his Complaint against JPMorgan Chase & Co., JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, and J.P. Morgan Securities Ltd. (collectively, "JPMC" or "Defendants"), states as follows:

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NATURE OF THE ACTION

 

""But the Emperor has nothing on at all!!!' said a little child."

 

Hans Christian Andersen, The Emperor's New Clothes

 

"For whatever it[']s worth, I am sitting at lunch with [JPMC

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Employee 1] who just told me that there is a well-known cloud over the

head of Madoff and that his returns are speculated to be part of a [P]onzi

scheme."

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Lawrence R. Velvel is a cofounder and the Dean of the Massachusetts School of Law, and is the founder of the American College of History and Legal Studies.

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