Former JPMorgan Chase & Co. banker Hernan Arbizu was arrested on Monday in Buenos Aires on charges that he stole nearly $5.4 million from the accounts of customers at UBS AG and JPMorgan Chase & Co., according to published reports.
Prosecutors at the U.S. District Court in New York said that Mr. Arbizu, a former vice president in the private banking division at JPMorgan, was charged with embezzlement by a bank officer, bank fraud, identity theft and 12 counts of wire fraud, according to Dow Jones Newswires.
He was responsible for maintaining and developing private banking relationships in Latin America when he was alleged to have embezzled the money between March 2007 and April 2008, including nearly $2.8 million in four transactions on April 15, 2008, according to the indictment.
He now faces extradition to the U.S., where he faces up to 30 years in prison and more than $5 million in fines if convicted of embezzlement, bank fraud and aggravated identity theft.
In June, JPMorgan sued Mr. Arbizu, who at one point managed more than $200 million in client assets, in U.S. District Court in Manhattan, alleging that he stole confidential and proprietary information about the bank and its clients.
JPMorgan is based in New York and UBS is based in Zurich, Switzerland.
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