Two previous JPMorgan Chase & Co (NYSE:JPM) traders are facing US charges over the bank’s $6.2 billion “London Whale” scandal. They won a proposition to avoid showing up for a statement in New York. Their lawyers say their arrests are likely.
US District George Daniels in Manhattan held off US authorities, who have been unable to search for conviction of the traders, Javier Martin-Artajo and Julien Grout.
According to Reuters the US Securities and Exchange Commission created a lawsuit at the same time that criminal charges were announced by federal prosecutors against the traders in April 2013
They face criminal charges including securities and wire fraud for hiding losses in JPMorgan’s chief investment office in London by marking credit derivatives positions as inflated.
These losses involved a $6.2 billion trading loss endured by the bank centered in Bruno Iksil, a former trader known as the “London Whale.”
After proper background check, the Spanish decide, the SEC wanted to dispose both men in New York.
Lawyers object, saying that faced arrest if they came to New York and that the SEC looked to put them into significant judgment by not appearing.