US mulling arrest of big bank employees

Press TV

The US government is planning to arrest two former JP Morgan Chase & Co. employees for their alleged role in masking the size of a multibillion-dollar trading loss.

The former employees, who worked in London, could be arrested in the next few days and extradited to their countries, the New York Times reported on Saturday citing people familiar with the matter.   

The two employees, Javier Martin-Artajo, a manager who oversaw the trading strategy, and Julien Grout, a low-level trader in London, are natives of other European countries.

Martin-Artajo worked in London as the direct supervisor of Bruno Iksil, the trader who became known as “the London Whale”, the sources said.

A scandal in the US has tainted the reputation of JPMorgan, the largest US bank, and led to calls for greater oversight of its chief executive, Jamie Dimon.

JPMorgan’s massive loss in April 2012 highlighted the scale of the bank’s risk-taking activities and sparked public outrage as well as civil and criminal investigations. The Loss has also led to multiple Congressional hearings.

Since last year, a number of the bank’s employees changed jobs and several, including chief investment officer Ina Drew, left the firm, according to The Guardian.

Martin-Artajo and Grout, who left JPMorgan earlier this year, understated the value of their trades to hide the problem from executives in New York, according to the federal prosecutors and the FBI in Manhattan.

New evidence shows that Martin-Artajo directed Grout to falsify internal records.

ARA/ARA

http://www.presstv.ir/detail/2013/08/10/318137/us-mulling-arrest-of-big-bank-employees/

2 thoughts on “US mulling arrest of big bank employees

  1. yeah. A couple of low-level sacrifices to the God of banking (Satan?).

    Nice headline, but I doubt even that will happen if the people blink.

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