JPMorgan sues former executive for allegedly stealing customer info

- Tuesday, June 17, 2008

JPMorgan sues former executive for allegedly stealing customer info

JPMorgan Chase's (NYSE: JPM) securities arm has sued a former private banker on charges of stealing confidential information about the bank and its clients in Argentina.

The lawsuit was filed in the US District Court in Manhattan and seeks an injunction against Hernan Arbizu, JPMorgan Securities' senior private banker for Argentina, a JPMorgan spokesperson confirmed to BNamericas.

In May, the bank detected Arbizu had wired US$2.8mn from JPMorgan client accounts in transfers to unrelated accounts at other firms without the clients' knowledge or authorization, according to the suit.

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He then fled to Argentina and was subsequently fired by the bank, the spokesperson said.

According to the lawsuit, JPMorgan expects "a thorough investigation will reveal criminal conduct beyond the contractual, common-law and statutory violations detailed in this affidavit."

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