JPMorgan Chase (JPM) will pay $2 billion in penalties to settle charges that it ignored warning signs of the Bernard Madoff Ponzi scheme, according to multiple news reports.

The settlements with federal regulators and prosecutors could be announced as early as Tuesday, according to a Sunday report in the Wall Street Journal. Unidentified sources told the Journal that the majority of the fees would be directed to victims of Madoff’s Ponzi scheme, who lost billions of dollars in the biggest financial fraud in history. JPMorgan Chase would pay more than $1 billion to the Justice Department, with the remaining fees going to the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network.

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