JPMorgan Man Held, London Insider Arrests, Other News
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US prosecutors allege that Arbizu, 41, used unauthorised wire transfers to move client monies without their knowledge. He was charged in a 15-count indictment, for bank fraud, wire fraud and embezzlement, unsealed in US District Court in New York. He remains in custody in Argentina pending extradition, and faces 30 years in clink if found guilty on all counts. The banker is said to have been responsible for dealing with high-net-worth clients in Argentina and Chile.
The Wall Street Journal reports that 8 people, including bankers who worked at JPMorgan Cazenove and UBS, have now been arrested in London, as UK authorities crack down on insider trading. A spokesperson for UK financial markets regulator The Financial Services Authority said that all those arrested were men aged between 27 and 48. JPMorgan Cazenove confirmed that 'a subcontractor in a support function' was one of those collared, and UBS said that a junior member of back office staff was also arrested.
Finally, Reuters reports that Daiwa Securities has posted a 78% fall in second-quarter profit at $54.6m, after fewer equity transactions and trading commissions. The news agency also reports that Lazard's second-quarter profits came in up at $64.6m (from $61.5m in the same period last year), beating most analyst expectations. And second-quarter operating profit over at Moody's Corp fell 36% to $135.2m ($233.7m) after a decline in demand for credit ratings.
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