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Reply #8


Response to Tansy_Gold (Original post)

Tue Sep 17, 2013, 06:21 AM

8. Ex-JPMorgan Employees Indicted Over $6.2 Billion Loss

http://www.bloomberg.com/news/2013-09-16/ex-jpm-trader-and-supervisor-indicted-by-u-s-grand-jury.html

Two former JPMorgan Chase & Co. (JPM) traders were indicted for engaging in a securities fraud to hide trading losses that eventually surpassed $6.2 billion on wrong-way derivatives bets last year.

Javier Martin-Artajo, who oversaw trading strategy for the synthetic portfolio at the bank’s chief investment office in London, and Julien Grout, a trader who worked for him, were named in a federal indictment, which was unsealed yesterday in federal court in Manhattan. The U.S. announced preliminary charges against the men in August.

Both were charged in yesterday’s indictment with five criminal counts, including securities fraud, conspiracy, filing false books and records, wire fraud and making false filings with the U.S. Securities and Exchange Commission. The pair, along with unnamed co-conspirators, are accused of engaging in a scheme to manipulate and inflate the value of position markings in the synthetic credit portfolio, or SCP.

Martin-Artajo and Grout were named in criminal complaints filed by prosecutors in the office of Manhattan U.S. Attorney Preet Bharara on Aug. 14 that accused them of four separate counts of conspiracy, falsifying books and records, wire fraud, and false filings with the SEC. Yesterday’s indictment, which formalized those counts, added the securities fraud charge, which carries a maximum term of 20 years in prison.

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