JPMorgan is being investigated in France, suspected of being an accessory to tax evasion.
JPMorgan financed transactions on behalf of as many as 14 executives at the investment firm, Wendel, who face charges for tax evasion for 2004-2007 transactions. The French authorities have been investigating Wendel for 3 years for tax evasion and insider trading with JPMorgan emerging as one of the “key” accomplices. See article below.
(Reuters) – U.S. bank JPMorgan Chase (JPM.N) has been placed under formal investigation in France as part of a probe into alleged tax evasion by senior managers at investment firm Wendel (MWDP.PA), a court official said on Wednesday.
A Paris-based spokesman for JPMorgan declined to comment on the move, part of a wider investigation in which as many as 14 Wendel executives face charges including tax evasion and insider trading over transactions conducted in 2004-2007.
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