Ex-JPMorgan Traders Hid 'London Whale' Loss, Feds Say

Law360, New York (August 14, 2013, 10:37 AM EDT) -- Federal prosecutors on Wednesday charged two former JPMorgan Chase & Co. employees with intentionally concealing losses in the bank's infamous $6 billion “London Whale” incident, but said that Bruno Iksil, the trader responsible for the soured bet, would not be prosecuted.

A pair of complaints in New York federal court charged former U.K.-based JPMorgan employees Javier Martin-Artajo and Julien Grout with wire fraud, falsifying books and records, contributing to false regulatory records and conspiracy. Prosecutors say the pair masked the severity of the losses during the...
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