Two Charged Over $6bn 'London Whale' Scandal

Written By Unknown on Rabu, 14 Agustus 2013 | 22.11

The United States has indicted two ex-JPMorgan traders over the so-called 'London Whale' scandal that resulted in losses of $6.2bn (£4bn).

Prosecutors in Manhattan accuse former London-based traders Julien Grout and Javier Martin-Artajo of wire fraud and a conspiracy to falsify books and Securities and Exchange Commission (SEC) records, according to court papers.

A news conference is expected to confirm later that another former employee Bruno Iksil, who was nicknamed the London Whale, will not face any charges relating to the allegations.

The case, filed in federal court, claims Grout and Martin-Artajo deliberately tried to hide hundreds of millions of dollars in losses on trades in a portfolio of synthetic credit derivatives.

Lawyers for both men have previously stated that their clients did nothing wrong.

It is understood that Spanish national Martin-Artajo supervised JPMorgan's trading strategy in London while his French colleague recorded the value of any bad investments.

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