JPMorgan Accused by Siena Prosecutors in Monte Paschi Probe

Siena prosecutors accused JPMorgan Chase & Co. (JPM) 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.
Enlarge image JPMorgan Accused by Siena Prosecutors in Monte Paschi Probe

A logo sits on a sign outside Banca Monte dei Paschi di Siena SpA's administrative offices in Siena. Photographer: Alessia Pierdomenico/Bloomberg

JPMorgan arranged a sale of bonds exchangeable into shares of Monte Paschi to finance the deal. The lender, which benefited from the alleged crime by earning commissions, didn’t inform the Bank of Italy that it signed a so-called indemnity agreement with Monte Paschi, protecting JPMorgan from potential losses linked to the securities, according to prosecutors. By hiding the agreement, Monte Paschi (BMPS) was able to count the funding as equity instead of debt and boost capital.

The documents mark the final stage before the authorities can request formal indictments, and it brings them a step closer to reconstructing how Monte Paschi’s former managers allegedly colluded to misrepresent the lender’s finances in the years before it sought a government bailout.
Market Manipulation

Prosecutors also accused former Monte Paschi bankers, including former chairman Giuseppe Mussari, General Manager Antonio Vigni, of obstructing regulators as well as market manipulation and falsifying market filings, according to the filing. Ex-Chief Financial Officer Marco Morelli, now head of Bank of America Corp. in Italy, was also accused of obstruction.

http://www.bloomberg.com/news/2013-07-31/jpmorgan-accused-by-siena-prosecutors-in-monte-paschi-probe-1-.html
Check out the member blogs, videos, and discussions http://12160.info/

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega commented on Doc Vega's blog post “Night of Horror” Finland WWII 1939 and a Russian Massacre
"Just another bizarre chapter in WWII that seems more suspect as paranormal."
11 hours ago
Doc Vega's 7 blog posts were featured
12 hours ago
Burbia's blog post was featured

Former President Trump?

When was this article written? It is attributed to Victor Davis Hanson. He is a Fellow at Hoover…See More
12 hours ago
Less Prone commented on Burbia's blog post Former President Trump?
"It must be an unintended mistake "former". But that Trump demanded to keep Khan away is a…"
12 hours ago
Less Prone favorited Doc Vega's blog post The Mistake We Made in America
12 hours ago
Less Prone favorited Doc Vega's blog post “Night of Horror” Finland WWII 1939 and a Russian Massacre
13 hours ago
Less Prone commented on Doc Vega's blog post “Night of Horror” Finland WWII 1939 and a Russian Massacre
"Quite an uplifting story of the winter war. Finland was overpowered by ten to one and could still…"
13 hours ago
Doc Vega posted a blog post

Elon Weighs in on Charlie Kirk's Assassination and How it is an Instrument of Social Control

For a very long time now there has been in place mass population behavioral control operations that…See More
yesterday
Doc Vega commented on Doc Vega's blog post The Forest Devil
"Less Prone Thanks Buddy I worked on it for 3 days! "
Friday
Less Prone favorited Doc Vega's blog post The Forest Devil
Friday
Less Prone commented on Doc Vega's blog post The Forest Devil
"You have spun a great story, congratulations!"
Friday
cheeki kea commented on Bob of the Family Renner's photo
Friday
Doc Vega posted a blog post
Thursday
tjdavis posted blog posts
Thursday
Doc Vega posted photos
Wednesday
tjdavis posted a blog post
Wednesday
Doc Vega commented on Doc Vega's blog post Is this proof that the story about Charlie Kirk's assassination is false?
"Les prone, Thanks Buddy! "
Tuesday
Doc Vega posted a blog post
Tuesday
tjdavis posted a photo
Oct 6
Doc Vega commented on Doc Vega's blog post Is this proof that the story about Charlie Kirk's assassination is false?
"Less Prone as usual the official version of the truth does not match the evidence and is labeled…"
Oct 4

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted