Hernan Arbizu, an ex-employee of the investment bank, is thought to have provided a testimony claiming that the financial institution worked with the businesses.
According to the Financial Information Unit, which requested that prosecutors in Argentina head up an investigation, the bank colluded with Grupo Clari, Banco Patagonia and Consultatio in defrauding pension funds by manipulating share values, the Wall Street Journal reported.
The bank allegedly used inaccurate data to inflate prices of shares belonging to the three firms.
A spokesperson for Grupo Clarin, who was quoted by Bloomberg, said: âThe complaint has no grounds.â
âThe offerings were made in London and Buenos Aires according to all international norms.â
Representatives from any of the firms cited in the reports have yet to provide any comment.
Mr Arbizu left the US during 2008 after being accused of making illegal transfers from client bank accounts while he worked at JPMorgan
By Jim Ottewill