Oh, Napa. Your grapes. Your wine. Your Ponzi schemes.

Bottom Line : Ponzi-chasing law firm goes after JPMorgan
The law firm of Burlingame attorney Joe Cotchett filed suit today against JPMorgan Chase, in connection with a busted, $150 million Bay Area Ponzi scheme.

As stated in a press release sent out by the firm, Cotchett, Pitre & McCarthy, the scheme, was operated out of Napa, by William A. Wise, Jacqueline Hoegel and her daughter, Kristi, operating through an entity known as Millennium Bank.

Last March, the SEC filed action against the bank and the principals, and froze their assets, including a Napa home purchased by the Hoegels with the money from duped investors.

According to the lawsuit, the Napa branch office of Washington Mutual, since taken over by JPMorgan Chase, "not only assisted in depositing millions from innocent investors and helping wire millions to offshore banking havens, it also "provided to Millennium a remote banking platform that it could use to transfer and launder money faster and with less oversight, all in violation of the law."

A separate, revised class action suit filed by the firm on behalf of Madoff victims, names JPMorgan, along with the Bank of New York Mellon, as "custodians of key Madoff bank accounts, sold Madoff structured notes, administered Madoff feeder funds, and helped ship Madoff money between New York and London."

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