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JPMorgan's former "London Whale" supervisor arrested

Written by  Published in Business Tuesday, 27 August 2013 15:28
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The JP Morgan’s former supervisor, the Spaniard Javier Martin-Artajo, was arrested Tuesday in Madrid, almost two weeks after U.S. prosecutors accused him of trying to hide losses from transactions that cost the bank more than $ 6.2 billion, the scandal the "London Whale".

 

Martin-Artajo surrendered this morning, after being contacted by investigators, and his passport was confiscated in extradition proceedings, said a police official Spanish Bloomberg.

 

"The arrested person is suspected of manipulating and overpricing positions in the bank's loan portfolio in order to achieve the objectives of daily gains and losses," it said in a statement the Spanish police.

 

American Prosecutor has indicted this month on Martin-Artajo, a Spanish national, and Julien Grout, a French citizen for trying to conceal losses. Both risk jail sentences of up to 20 years if convicted of the most serious charges, including conspiracy and computer fraud.

 

Martin-Artajo, aged 49 years, supervising trading strategy for portfolio investment officer of the office of JP Morgan in London and Grout was the trader who worked for it. They are accused of conspiring to falsify statements filed with regulators in March-May 2012.

 

Managing Director of JP Morgan, Jamie Dimon, the bank's losses characterized as "the most stupid and embarrassing situation that was ever involved."

 

Discovery of the loss, in May 2012, led to republish financial results of JP Morgan, in a hearing of a U.S. Senate committee investigation of the Commission and the American Stock Exchange and Securities and Financial Sector Regulatory Authority in the UK .

 

Bruno Iksil, French trader at the center of this scandal, nicknamed "the London whale" because of the size portfolio which he had given, he concluded in June a deal with U.S. authorities that will not be indicted and in which committed to cooperate with investigators.

Read 39781 times Last modified on Tuesday, 27 August 2013 15:33

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