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  • Man Gets 4 Months For Poaching Geoducks

    geoducks basketA Port Orchard man has been sentenced to four months in prison after illegally harvesting 300 pounds of geoduck from the Olympia area and dumping them near Port Orchard. The Olympian reports the conviction of 27-year-old Matthew R. Petersen on… Read More +

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  • BNSF Cleaning Up Diesel Spill In Pasco

    oilspillWashington's Department of Ecology says BNSF Railway worked quickly to contain a diesel spill on tracks near the Pasco and McNary dam near the Columbia River. BNSF spokesman Gus Melonas says a BNSF freight train bound from Pasco to Seattle struck… Read More +

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  • 4 Homers Propel Mariners Over Astros 10-5

    marinersSDustin Ackley hit two solo homers, and Mike Zunino and Kyle Seager each hit three-run shots in a seven-run fourth inning as the Seattle Mariners cruised to a 10-5 win over the Houston Astros on Friday night. Ackley homered in the third and eighth innings for his second career multihomer game for the Mariners, who entered the day one game back for the second AL wild card spot.

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JPMorgan Chase Faces $2B Madoff Penalty

b_250_0_16777215_00_images_obgrabber_2014-01_285e88d914.jpgScott Eells/Bloomberg via Getty Images (NEW YORK) -- JPMorgan Chase is close to making another big payout to federal regulators. This time, the alleged wrongdoing involves what the bank didn’t tell investors after receiving warnings that Bernard Madoff’s money management business was a fraud. The latest settlement would mean the biggest U.S. bank has paid about $20 billion to settle government investigations and lawsuits in the past 12 months.

According to published reports, an announcement is likely this week.  JPMorgan Chase would pay about $2 billion in penalties related to Madoff and most of the money will go to his victims.

The New York Times says the Madoff settlement “would also involve a so-called deferred prosecution agreement, a criminal action that would essentially suspend an indictment as long as JPMorgan acknowledged the facts of the government’s case and changed its behavior.” 

That kind of agreement is very unusual for a big bank.

Copyright 2014 ABC News Radio

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