JPMorgan Accused by Siena Prosecutors in Monte Paschi Probe
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Siena prosecutors accused JPMorgan Chase & Co. and at least one of its employees of obstructing regulators as part of a wider probe into Banca Monte dei Paschi di Siena SpA’s purchase of Banca Antonveneta SpA.
Prosecutors allege an unidentified person at JPMorgan Securities Ltd., a unit of the New York-based bank, withheld information from regulators about a 1 billion-euro ($1.3 billion) financing arranged for Monte Paschi’s takeover of Antonveneta in 2008, a July 30 court filing obtained by Bloomberg News showed. The U.S. bank failed to oversee its employees properly, according to the filing.