Banker arrested in Argentina

Losses and Lawsuits

BUENOS AIRES - A former JP Morgan banker has been arrested in Argentina on charges of embezzling $5.4 million from clients. Hernan Arbizu, a former vice-president at the bank responsible for private banking clients in Latin America, was charged with 12 counts of bank, identity and wire fraud.

The frauds are alleged to have taken place using transfers from accounts at JP Morgan and UBS between March 2007 and April 2008, including $2.8 billion in four transactions on April 15. Arbizu, who once handled $200 million of client assets, faces up to 30 years for each fraud.

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