Despite a deep, close and extremely lucrative relationship that lasted decades, JP Morgan Chase wasn't even required to publicly disclose the information that detailed its complicity in Madoff's scheme, including how much money it made and how.
Your broker has a duty to disclose all risks from investing with him and his company. He also has an obligation to tell the truth. If he misleads you, including failing to disclose a major risk to your investment, you can sue him personally.
In late 1999, Boston-based securities analyst Harry Markopolos discovered Bernard Madoff was running the largest Ponzi scheme in world history. His team pursued the truth for nearly a decade, only to find no one would listen.