U.K. Prosecutors Join U.S. Probe of JPMorgan London Whale Loss
U.K. prosecutors are working with U.S. authorities and British financial regulators as part of an investigation into a $6.2 billion loss on derivatives at JPMorgan Chase & Co. (JPM)
The Serious Fraud Office, which is in charge of most U.K. white-collar crime enforcement, is “liaising with our U.S. counterparts” and the Financial Conduct Authority, spokeswoman Jina Roe said in an e-mail today.
U.S. prosecutors unsealed charges against London-based JPMorgan traders Javier Martin-Artajo and Julien Grout last week for allegedly attempting to hide trading losses caused by Bruno Iksil, the Frenchman known as the “London Whale” because his portfolio was so large.
Manhattan U.S. Attorney Preet Bharara said Aug. 14 that he was “hopeful” the men, neither of whom are in the U.S., would return to face the charges. Grout’s lawyers have said he’s in France, and Martin-Artajo’s have said he is away from his home in the U.K. on vacation.
The U.S. Securities and Exchange Commission, Commodity Futures Trading Commission, and the U.K. FCA are also probing the losses.
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