Police raid JPMorgan as Monte Paschi probe widens

Italian tax police descended on the Milan offices of JP Morgan in search of documents in their investigation into suspected fraud at Monte dei Paschi bank, as a scandal rocking Italian finance spreads to foreign banks doing business there.

The arrival of police at the central Milan office of the US bank comes two days after Italian prosecutors moved to seize up to 1.95 billion euros (HK$19.76 billion) from Nomura, Japan’s largest broker.

via Business feed http://www.scmp.com/business/banking-finance/article/1218084/police-raid-jpmorgan-monte-paschi-probe-widens