Ex-JPMorgan employees charged in NY in $6B loss
THE ASSOCIATED PRESS August 14, 2013 9:12AM
Updated: August 14, 2013 9:12AM
NEW YORK — Two former JPMorgan Chase & Co. employees have been charged in New York with trying to conceal the size of the investment bank’s $6 billion trading loss last year.
Javier Martin-Artajo and Julien Grout were charged with conspiracy to falsify books and records, commit wire fraud and falsify Securities and Exchange Commission filings. The charges were unsealed Wednesday in federal court in Manhattan.
Martin-Artajo supervised JPMorgan’s trading strategy in London. Grout recorded the value of the bad investments.
The trading loss in 2012 raised fresh questions as to whether Wall Street banks had learned their lessons from the financial crisis of 2008.
Federal prosecutors planned a news conference to discuss the case.