Ex-JPMorgan exec may face SEC lawsuit-report

April 13 (Reuters) - The U.S. Securities and Exchange Commission notified a former JPMorgan Chase & Co (JPM.N) executive that he may be sued for his role in selling complicated financial instruments that led to the housing crisis, Bloomberg reported.

Michael Llodra, JPMorgan's former global head of structured-product collateralized debt obligations (CDOs), received a Wells notice from the SEC on January 4, Bloomberg said, citing Llodra's broker registration filings.

Edward Steffelin, a former executive at GSC Group, which helped manage JPMorgan's 2007 "squared" CDOs, also received a Wells notice on Jan. 14, the news agency added.

The SEC is probing whether JPMorgan and GSC Group misled investors about hedge-fund Magnetar Capital LLC's possible role in selecting underlying assets in a $1.1 billion squared deal, Bloomberg reported, citing people familiar with the matter.

JP Morgan did not immediately reply to a mail seeking comment, outside regular U.S. business hours. Llodra and Steffelin could not be reached for comment. (Reporting by Rachel Chitra; Editing by Louise Heavens)