Ex-JPMorgan Traders First Charged in $6.2 Billion Loss
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Two former JPMorgan Chase & Co. employees were charged by federal prosecutors with attempting to conceal trading losses at the largest U.S. bank last year as part of a probe of its $6.2 billion loss on derivatives bets.
Javier Martin-Artajo, who oversaw trading strategy for the synthetic portfolio at the bank’s chief investment office in London, and Julien Grout, a trader who worked for him, were charged with conspiracy, wire fraud and false filings in complaints unsealed today in Manhattan federal court. The two men engaged in a scheme to falsify securities filings between March and May of 2012, the government said. They face as long as 20 years in prison if convicted of the most serious counts.