JPMorgan accused by Italian prosecutors

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

At least one JPMorgan (JPM) employee has been accused of obstruction by Siena prosecutors as part of a probe into Banca Monte dei Paschi's purchase of another Italian lender in 2008.

Prosecutors allege JPMorgan withheld from regulators information about €1B in financing it provided for the deal.

The next step would be formal indictments.

Monte Paschi bought its Italian competitor from Banco Santander for €9B, 36% more than what the Spanish bank had paid just 2 months earlier.