US seeks dismissal of charges in 'London Whale' case

[Judi Lynn]

Source: Associated Press

Updated 4:19 pm, Friday, July 21, 2017


NEW YORK (AP) — The U.S. government is seeking dismissal of criminal charges against two ex-traders at JPMorgan Chase & Co. in a scandal that caused over $6 billion in losses after a trader known as the "London Whale" became an unreliable witness.

Acting U.S. Attorney Joon Kim said Friday his office made the request in the case against Javier Martin-Artajo and Julien Grout. The government was unable to extradite the men. Kim said ex-JPMorgan trader Bruno Iksil, who earned his nickname by making outsize bets, made statements spoiling him as a witness.

Martin-Artajo supervised the bank's trading strategy in London. Grout, his subordinate, was in charge of recording the value of the investments each day. They were charged with conspiracy to falsify books and records, commit wire fraud and falsify filings to the SEC.

Read more: http://www.chron.com/news/crime/article/US-seeks-dismissal-of-charges-in-London-Whale-11306139.php

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 Bruno Iksil


MAY 16, 2012 @ 01:42 PM 14,444 12 Stocks to Buy Now
London Whale Harpooned: Iksil On His Way Out At JPMorgan





Nathan Vardi , FORBES STAFF

The London-based trader at the center of JPMorgan Chase’s $2 billion trading loss will be leaving the bank, according to reporting by The New York Times, although he still remains employed there.

Bruno Michel Iksil has been referred to as “The London Whale” and “Voldemort,” and has been the subject of intense scrutiny since early April, when it emerged he was pursuing a daring trading strategy involving credit derivatives for JPMorgan’s chief investment office. Jamie Dimon, JPMorgan’s chief executive, last week said the trading strategy that produced his bank’s losses was “flawed” and “poorly executed.” Now, the man who pulled off many of those trades is on his way out. The departure has been widely anticipated.

Iksil’s boss in London, Achilles Macris, is also expected to leave and Ina Drew, the head of JPMorgan’s chief investment office, has already resigned as heads role as a result of the trading debacle.

. . .

When Iskil's trades were first revealed by the Wall Street Journal and Bloomberg, Dimon called speculation about the trades "a complete tempest in a teapot." But hedge fund managers quickly took positions against Iksil and his colleagues at JPMorgan's chief investment office, helping to move the market against Iksil and the bank. The resulting losses have caused JPMorgan's stock to tumble and has renewed calls for limiting the kind of speculative investments big U.S. banks should be allowed to take.

https://www.forbes.com/sites/nathanvardi/2012/05/16/london-whale-harpooned-iksil-out-at-jpmorgan/#dc040014df8c

[jpak]

1. Payback

yup

[mr_lebowski]

2. So, if I commit a crime, I can just make up some bullshit & that turns me into an unreliable witness

And then I get to go free?

Even though ... no criminal trial ever depends upon the accused actually being a 'witness' against themselves in the first place? At least, not the United States of America?

Golly you'd think a whole lot of criminals would be availing themselves of this fairly obvious gaping loophole in our system of Justice, wouldn't you? Good thing I guess your average criminal (and their attorneys) aren't (apparently) nearly as smart as our Beloved 'Billionaire Class' that we all root for.

Because you know, the richer THEY are, then the richer all the rest of us are! That's why they're our heroes, and above the law. It's simple math, people!

I DO hope his Golden Parachute was absolutely HUGE, wouldn't that be SWEET? What do you think it was, like $50,000,000 and lifetime health benefits and a giant pension? HAPPY DAYS ARE HERE AGAIN FOR US ALL!!!

Just a point of fact, the timeframe of the trading, and the subsequent departures of these Working Class Heroes (and totally NOT criminal dudes) from JPM ... was circa 2012.