J.P. Morgan Chase sued for $25M in Petters case

[harvey007]

Source: Star Tribune

The receiver rounding up assets from Tom Petters' $3.8 billion Ponzi scheme filed a federal lawsuit in Minneapolis Wednesday in an attempt to force J.P. Morgan Chase to return $25 million in cash and securities the bank confiscated from Petters' personal investment accounts as federal investigators swept in to shut down the fraud two years ago.

The New York bank had a long, lucrative association with Petters, receiver Doug Kelley noted in his 44-page lawsuit. Petters had numerous investment accounts at the bank from 2001 through 2008, into which he had deposited $83 million in proceeds from the Ponzi scheme over time, the suit says.

Read more: http://www.startribune.com/business/112637499.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aUac8HEaDiaMDCinchO7DU

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Defendants named in the lawsuit include former Republican congressman Rick Lazio.

[tabatha]

1. J.P. Morgan Chase should be shut down.

They are a giant stink in an already bad banking industry.

[defendandprotect]

2. +1000% --