Fang Fang probably expected a little gratitude for his (alleged!) role in Jamie Dimon’s controversial business-development strategy. He got the feel of cold steel on his wrists, instead.

The former head of investment banking in China at JPMorgan Chase has been arrested by Hong Kong’s anticorruption agency, a Chinese news report and a person briefed on the matter said on Wednesday, possibly opening a significant front in what has become a global investigation into JPMorgan’s hiring practices in China.

Fang Fang, the former JPMorgan executive, has been released but is prohibited from leaving Hong Kong, according to a report in Caixin, a respected Chinese-language financial news outlet based in Beijing. He was arrested recently by the city’s Independent Commission Against Corruption, or I.C.A.C., the report said….

Mr. Fang, 48, who left JPMorgan in March, has been a focus of a federal bribery investigation in the United States into whether the bank’s “Sons and Daughters” hiring program violated the Foreign Corrupt Practices Act….

Reached on his cellphone on Wednesday, he asked whether the call was to see “if I’m alive.” He said he could not discuss his situation.

Former Chief of JPMorgan’s China Unit Is Arrested [DealBook]
JPMorgan Ex-CEO for China Investment Bank Arrested, Caixin Says [Bloomberg]

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