In brief
- JPMorgan Chase was sued this week for allegedly enabling a $328 million crypto “Ponzi scheme.”
- Prosecutors say a crypto executive misused investor funds meant for liquidity pools to fund a lavish lifestyle.
- An alleged victim of the scheme is claiming Chase Bank should never have allowed the executive to use its services.
The biggest bank in the United States has been roped into a lawsuit over a customer’s alleged crypto “Ponzi scheme,” as the Department of Justice recently described it, with one of the operation’s victims arguing that JPMorgan Chase should have detected and stopped the misconduct.
The suit, filed this week in a federal court in San Francisco, alleges JPMorgan Chase knowingly permitted one of its…
