JPMorgan took part in phone calls central to Australian share placement criminal-cartel case, documents say

20 June 2019 4:49pm
JPMorgan senior executive Harry Florin was involved in a flurry of telephone calls among managers at five banks to discuss the poor performance of a share placement by Australia & New Zealand Banking Group, according to documents lodged at an Australian court.

The amended statement of claim by Australia’s financial regulator has placed JPMorgan at the center of an alleged agreement involving ANZ, Deutsche Bank and Citigroup over ANZ’s 2015 share placement, which has sparked a criminal-cartel investigation by federal prosecutors.

In spite of JPMorgan’s central role in the telephone conversations among the lenders, prosecutors haven’t charged the investment bank or Florin over their role in the alleged cartel — which suggests that it and its managers have signed an immunity deal with prosecutors.