Hernán Arbizu, a former vice president in the private banking division at JPMorgan Chase,was arrested Monday in Argentina after the unsealing of a 15-count indictment in Manhattan charging him with embezzling almost $5.4 million from the accounts of bank customers at JPMorgan and UBS. He allegedly made 12 unauthorized transfers of funds between March 2007 and April 2008; that total includes 4 transfers totaling almost $2.8 million from a JPMorgan account on April 15, 2008 allegedly accomplished by forging a letter of authorization. He was fired in May and JPMorgan is also suing him for theft (Bloomberg, DOJ).
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