JP Morgan probes whether real-estate exec involved in construction deal fluff

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Monday April 18, 01:31

JP Morgan probes whether real-estate exec involved in construction deal fluff

(by Olivia Cohen)

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JP Morgan probes whether real-estate exec involved in construction deal fluff

JP Morgan, the world’s second-largest bank by assets, conducts an investigation aimed at clearing the situation around the company’s former real-estate executive Michael Weinberg on whether he was involved in any wrongdoing in the awarding of construction contracts.

The investigation is conducted by the New York law firm Paul, Hastings, Janofsky & Walker LLP and is aimed at scrutinizing Mr. Weinberg’s relationship with vendors including a New York construction company J.T. Magen & Co. The investigation also includes gathering the information about Mr. Weinberg’s personal apartment.

«When issues were raised concerning our contracting practices, senior management launched a thorough independent review and is taking swift and appropriate action,» said Joseph Evangelisti, a spokesman for J.P. Morgan.

Mr. Weinberg was fired from JP Morgan in January after some complications with the handling contracts, a person familiar with the matter said.

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