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Two Former JPMorgan Chase Traders Indicted for Hiding Hundreds of Millions of Dollars

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A U.S. grand jury has indicted two former JPMorgan Chase & Co (JPM.N) traders at the center of the bank’s “London Whale” scandal, court papers made public on Monday show.

Javier Martin-Artajo and Julien Grout were accused of hiding hundreds of millions of dollars of losses within JPMorgan’s chief investment office in London by marking positions in a credit derivatives portfolio at inflated prices.

Those losses were part of an overall $6.2 billion trading loss suffered by the bank centered on Bruno Iksil, the former trader known as the London Whale. Martin-Artajo supervised Iksil, while Grout worked for Iksil.

According to the indictment, Martin-Artajo and Grout from March to May of 2012 artificially inflated the value of securities “to hide the true extent of significant losses” in a trading portfolio.

 

http://www.reuters.com/article/2013/09/16/us-jpmorgan-whale-indictment-idUSBRE98F13K20130916

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Written by voiceoftruthusa

September 17, 2013 at 6:32 am

Posted in Uncategorized

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