Ex-JPMorgan banker ends up in court after 8 years on the run

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A former JPMorgan private banker appeared in a U.S. courtroom after eight years on the run in Argentina where he fled to avoid embezzlement and fraud charges.

Bloomberg News reports that Hernan Arbizu pleaded not guilty to 15 counts on Thursday after being accused in a 2008 indictment of stealing more than $5.3m from customer accounts at UBS and JPMorgan by making at least a dozen unauthorized transfers. He’s in plea talks with the government, Assistant U.S. Attorney Sagar Ravi said.

The U.S. and Argentina gave slightly different takes on how Arbizu finally arrived back in New York to face trial. A week after Argentina said it was going to extradite the former banker, U.S. District Judge Lewis Kaplan on Thursday wondered why it took years to accomplish that.

“Fill me in a little bit,” Kaplan said to Ravi. “Was there resistance to extradition?”

“The government did initiate extradition proceedings which were still pending when Mr. Arbizu agreed to surrender,” Ravi replied. “He initially surrendered to Argentine authorities and later to the U.S.”

To access the complete Bloomberg News article hit the link below:

Ex-JPMorgan Banker on the Run 8 Years Lands in U.S. Court

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