David J. Sheehan of Baker & Hostetler, who represents trustee Irving H. Picard, said JPMorgan Chase was “willfully blind to the fraud, even after learning about numerous red flags” and claimed that Mr. Madoff could not have pulled off his scheme without the bank. “JPMC should pay the price for its central role in enabling Madoff’s fraud,” he said in a press release.
Mr. Picard said the bank had designated all of its information as confidential. “While JPMC may want to hide the full extent of its significant role in the Madoff fraud from the public, we intend to move to have the complaint made public as soon as possible,” he said.
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