Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  JPMorgan Chase       

JPMORGAN CHASE

End-of-day quote. End-of-day quote Nyse - 08/17
90.65 USD   -1.56%
08/16LIVESTOCK HIGHLIGHTS : Top Stories of the Day
DJ
08/16Investors Flock to Gold ETFs
DJ
08/16MARKETS RIGHT NOW : Stocks end turbulent week broadly higher
AQ
SummaryChartsNewsRatingsCalendarCompany 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

JP Morgan Chase mpany : U.S. to drop criminal charges in 'London Whale' case

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/21/2017 | 07:34pm EDT
Javier Martin-Artajo leaves Spain's High Court in Madrid

NEW YORK (Reuters) - U.S. prosecutors have decided to drop criminal charges against two former JPMorgan Chase & Co derivatives traders implicated in the "London Whale" trading scandal that caused $6.2 billion (5 billion pounds) of losses in 2012.

In seeking the dismissal of charges against Javier Martin-Artajo and Julien Grout, the Department of Justice said it "no longer believes that it can rely on the testimony" of Bruno Iksil, a cooperating witness who had been dubbed the London Whale, based on recent statements he made that hurt the case.

Prosecutors also said efforts to extradite Martin-Artajo and Grout, respectively citizens of Spain and France, to face the charges have been "unsuccessful or deemed futile."

Acting U.S. Attorney Joon Kim in Manhattan asked a federal judge for permission to drop charges that included securities fraud, wire fraud and falsifying records. Martin-Artajo and Grout were indicted in September 2013.

"After four long years of protracted litigation, we are very pleased that the government has decided to do the right thing, and dismiss the criminal case," Grout's lawyer, Edward Little, said.

Lawyers for Martin-Artajo did not immediately respond to requests for comment.

The dismissal request marks a fresh setback in U.S. efforts to prosecute individuals for financial crimes.

This has included the undoing of several insider trading convictions and pleas that had been won by Kim's predecessor Preet Bharara.

It has also included this week's overturning of the convictions of two former Rabobank NA [RABO.UL] traders for rigging the Libor interest rate benchmark.

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

These losses were part of the $6.2 billion loss centred on Iksil, who Martin-Artajo supervised and Grout worked for.

The scandal briefly hurt the reputation of JPMorgan Chief Executive Jamie Dimon, who initially called it a "tempest in a teapot."

JPMorgan ultimately paid more than $1 billion and admitted wrongdoing to settle related U.S. and British probes. Ina Drew, who led the CIO, retired soon after the losses surfaced.

Iksil has chafed at the London Whale moniker and being portrayed as solely at fault for the losses.

In a February 2016 letter released to the media, Iksil, a French national, said he had been "instructed repeatedly" by senior management in the CIO to execute the trading strategy that caused the losses.

Martin-Artajo and Grout still face U.S. Securities and Exchange Commission civil charges.

Iksil's lawyer and JPMorgan did not immediately respond to requests for comment.

The cases are U.S. v. Martin-Artajo et al, U.S. District Court, Southern District of New York, No. 13-cr-00707; and SEC v Martin-Artajo et al in the same court, No. 13-05677.

(Reporting by Jonathan Stempel; Editing by Sandra Maler and Leslie Adler)

By Jonathan Stempel

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on JPMORGAN CHASE
08/16LIVESTOCK HIGHLIGHTS : Top Stories of the Day
DJ
08/16Investors Flock to Gold ETFs
DJ
08/16MARKETS RIGHT NOW : Stocks end turbulent week broadly higher
AQ
08/16Financials Up as Treasury Yields Recoup Some Losses -- Financials Roundup
DJ
08/16Trump held conference call with big bank CEOs amid market turmoil - source
RE
08/16WILBUR ROSS : Invesco thrives in China as former executive Ross leads Trump's tr..
RE
08/15JP MORGAN CHASE MPANY : JPMorgan Chase Declares Preferred Stock Dividends
PU
08/15JP MORGAN CHASE MPANY : CORRECTING and REPLACING PHOTO IHG® Rewards Club Premier..
BU
08/15JP MORGAN CHASE MPANY : Thinking about trading options or stock in Walt Disney C..
PR
08/14Embattled Bank Stocks Lose Billions -- Update
DJ
More news
Chart JPMORGAN CHASE
Duration : Period :
JPMorgan Chase Technical Analysis Chart | MarketScreener
Full-screen chart
Managers
NameTitle
James Dimon Chairman & Chief Executive Officer
Gordon A. Smith Co-President & Co-Chief Operating Officer
Daniel E. Pinto Co-President & Co-Chief Operating Officer
Yan Tavrovsky President & Chairman-Management Board
Marianne Lake Chief Financial Officer & Executive Vice President
Sector and Competitors
1st jan.Capitalization (M$)
JPMORGAN CHASE5.05%336 326
JP MORGAN CHASE & COMPANY7.76%336 326
INDUSTRIAL AND COMMERCIAL BANK OF CHINA3.97%267 910
BANK OF AMERICA6.53%244 343
WELLS FARGO & COMPANY-3.67%191 137
CHINA CONSTRUCTION BANK CORPORATION11.30%184 753