Report: Feds to Nab 2 Ex-JPMorgan Employees
Authorities suspect they hid size of $6B trading loss
By Newser Editors and Wire Services
Posted Aug 9, 2013 6:54 PM CDT
In this May 11, 2012 file photo, people stand in the lobby of JPMorgan Chase headquarters in New York.    (AP Photo/Mark Lennihan, File)

(Newser) – A published report says federal authorities plan to arrest two former JPMorgan Chase & Co. employees on suspicion that they tried to conceal the size of the investment bank's $6 billion trading loss last year. The New York Times reported today that the arrests of Javier Martin-Artajo and Julien Grout are expected to occur in London in coming days, citing unnamed persons briefed on the matter. Martin-Artajo oversaw JPMorgan's trading strategy in London, while Grout recorded the value of the soured investments

The $6 billion loss hinged on large wagers made by the traders and was first blamed on JPMorgan trader Bruno Iksil, known as "the London Whale." Some investigators now believe Iksil was blamed unfairly, and Iksil has struck a cooperation agreement with the government. But it's not clear whether he could still face other charges. As for Martin-Artaio and Grout, a federal grand jury voted to indict both on criminal fraud charges. The Times notes that both suspects could be extradited to the US under an agreement with Britain.

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Lefty_Libby
Aug 12, 2013 9:14 PM CDT
I am sick and tired of our nation being run by the people who should be brought up on RICO charges. We don't have the rule of law or a democratic republic. We have a lawless, plutocratic dictatorship under the control of criminals. We need our own Castro. The only thing these people will understand is when we come for them in the night, and they have to flee, bare footed, with only the clothes on their backs, like the Cubans in the 1960's and the Iranians when the Shah fell.
TiredMemeCat
Aug 10, 2013 12:12 PM CDT
...instead of ALL of them with a private office. MBA = license to steal.
NC_TAXPAYER_13
Aug 10, 2013 11:04 AM CDT
I am glad to see our servants in government taking action. I feel we need far more of theses sorts of actions and laws that don't allow 'plea agreements' without jail time for persons engaged in such heinous conduct. I see in most instances these sorts are entering plea agreements after stealing $100s of millions of dollars, paying relatively (when compared to what has been stolen for the good of the whole (corporation and them)) small fines, and walking away Scott free. Many of these clowns are considered to be part of a group or organization classified as to big to fail, and or jail (http://www.huffingtonpost.com/2013/06/04/eric-holder-1999-memo_n_3384980.html / http://www.justice.gov/criminal/fraud/documents/reports/1999/charging-corps.PDF) which I feel is obsurd. They (members within our body of servants) imply that jailing such clowns can lead to collateral damages to us, our system of banking, and finances that is greater than the damages this sort have already done. I feel that because of this fear of collateral damages, and the lack of jailing the perpetrators it has encouraged more clowns in big business to 'assume similar risks' which is damaging collaterally as well. If these men are charged tried and convicted I feel that very lengthy jail terms are in fitting order, and if the 'industries' they are in do react and cause further collateral damages it will expose these industries for whom and what they are (Con artists and confidence men) and more good Citizens may refuse to engage in any further relations with them. Let them take their ill gotten gains stolen from the American People and leave, set up their confidence games in other nations and steal those People wealth. It would in the end benefit the American People, their honest industries (competitors with the crooks), and our government.