In the continuing saga of investment con man Bernie Madoff and his victims Ron Stein, President of the Network for Investor Action and Protection, a not-for-profit foundation founded by former investors of Bernard L. Madoff Investment Securities LLC.,weighed in on the Madoff Trustee’s lawsuit against JPMorgan Chase.
“This action is appropriate and overdue,” Stein said in a statement Thursday. “The Trustee has drawn a clear line between the facilitators of the fraud and innocent victims of the fraud, and we believe his efforts to recover funds should be focused on the guilty parties. Innocent investors who had no knowledge of the fraud should be left alone.”
Irving Picard, the trustee seeking money for defrauded clients of Madoff, said he filed a $6.4 billion lawsuit accusing JPMorgan Chase of aiding Madoff’s fraud as his main banker.