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JPMorgan Ex-Structured Product CDO Head Llodra May Face SEC Suit

U.S. regulators notified a former JPMorgan Chase & Co. executive whose unit packaged mortgage-linked investments that he may be sued for his role in selling the securities as the housing crisis worsened in 2007.

Michael Llodra, who was global head of structured-product collateralized debt obligations when he left JPMorgan, received a Wells notice from the Securities and Exchange Commission on Jan. 4 saying investigators planned to pursue civil claims against him related to the sale of a 2007 product, according to Llodra’s broker registration filings. The SEC also gave a Wells notice on Jan. 14 to Edward Steffelin, a former executive at a firm that helped manage JPMorgan’s 2007 “Squared” CDO, his brokerage records show.