JP Morgan Shut Down A World Famous Economist's Bank Account With No Warning
José Antonio Ocampo, a world-renowned economist, former Colombian finance minister, and former nominee to head the World Bank has filed a complaint with the Consumer Financial Protection Bureau against JP Morgan.
He says the bank shut down his accounts without warning, the FT reports.
"Friday was hell for me," Mr Ocampo told the Financial Times. "I had all my money frozen. I am being treated like a criminal."
The bank says Ocampo's account was shut down because JPM is reevaluating its business with "politically exposed persons" like non-U.S. former high level diplomats (think: the Tony Blair's of the world) because of high compliance costs. It's all a part of a new effort at the bank to clamp down on any potential for money laundering or security breaches.
The bank paid $2 billion in fines for such violations last year.
Ocampo's son told the FT that the worst part about the issue was that JPM was trying to sell his father more products a week before his accounts were shut down.
Rough.
For the full story head to the FT>