Report: JP Morgan execs disccussed Madoff scheme

Bernard Madoff, chairman of Madoff Investment Securities, returns to his Manhattan apartment after making a court appearance Wednesday, Dec. 17, 2008 in New York. (AP Photo/Jason DeCrow)

April 15, 2011 4:45:49 AM PDT
According to the New York Times, a new federal bankruptcy court filing shows that three current executives with JP Morgan Chase had discussed the possibility that Bernard Madoff was running a Ponzi scheme.

John Hogan and Matthew Zames reportedly discussed their suspicions over lunch in 2007. The other executive mentioned is Carlos Hernandez.

The bank is being sued by Madoff trustee Irving Picard, who says the bank is complicit in the fraud.