Tuesday, December 29, 2009
Former New York Investment Banker Sued In Multi-Million Embezzlement Case
Hernán Esteban Arbizu , 40, formerly of Southport, Connecticut and a former investment banker with JPMorgan Chase & Co. and UBS, in New York, has been sued by JP Morgan for $2.8 million he allegedly embezzled from a customer's account. After his fraud was discovered in April 2008, Arbizu fled to Argentina, but was arrested in July 2008. Arbizu, a native of Argentina, now under indictment for the thefts, is still awaiting extradition. According to the complaint, Arbizu stole the funds from a UBS client account and then stole an additional $2.8 million from a JP Morgan account to pay back the UBS client. A total of more than $5.3 million was stolen, according to reports.