Sat, Sep 21, 2013 - Page 15 News List

JPMorgan gets ‘staggering’ fine

BIGGER PRICE:The bank’s admission of failure of oversight on trading losses and their cover-up could lead to it paying millions more in lawsuits, analysts predicted


Federal prosecutors in New York filed criminal charges last month against Javier Martin-Artajo and Julien Grout. Martin-Artajo supervised the bank’s trading strategy in London and Grout, his subordinate, was in charge of recording the value of the investments each day.

They were charged with conspiracy to falsify books and records, commit wire fraud and falsify filings to the SEC. They also were charged separately in an SEC civil complaint.

Both traders, through their lawyers, have denied any wrongdoing.

Their colleague Bruno Iksil, a trader known as the “London Whale” for the outsize bets he made that could roil markets, had his name associated with the embarrassing loss. No charges were laid against him. Prosecutors say he tried to raise questions about how his colleagues were recording the trades.

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