Former Chase ForEx Salesman Arrested Over Trade

Law360, New York (February 6, 2006, 12:00 AM EST) -- A former salesman at J.P. Morgan Chase & Co. illegally sold hundreds of thousands of euros at the bank’s foreign exchange desk in a desperate effort to mask his previous failed trades, according to a federal complaint against him unsealed Monday in New York.

Despite alleged efforts by Terrence J. Gumbs, who worked for J.P. Morgan Chase for 17 years, his final trade before being terminated ultimately cost the bank $6 million and led to his arrest and a single charge of wire fraud.

U.S. Attorney...
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