J.P. Morgan facing $2bn fine over Madoff scandal

J.P. Morgan could be hit with another $2bn of fines over the Bernard Madoff Ponzi scheme, according to reports.

The US banking giant - which is already expected to pay around $20bn of fines and settlements in its current financial year - could be fined by US regulators as early as today, according to a report in the Telegraph. Regulators and federal prosecutors in the US are preparing a fine of around $2bn, after it allegedly ignored signs of Bernie Madoff's Ponzi scheme. Madoff (pictured) was eventually arrested and sentenced to 150 years in prison after the Ponzi scheme he ran for decades robbed investors of £40bn. The US' largest bank was the only one to weather the financial downturn wit...