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August 9, 2013

'London Whale' Unlikely to Face Charges

Bruno Iksil, the former trader known as the “London whale,” is unlikely to face charges related to bets that backfired into losses of more than $6 billion for J.P. Morgan Chase & Co., according to people close to the matter.

The French citizen, who worked in the London outpost of J.P. Morgan’s Chief Investment Office, made many of the giant wagers in corporate credit investments that piled up losses starting in early 2012, led to the exit of a top J.P. Morgan executive and tarnished the company’s reputation as one of Wall Street’s savviest risk managers.

For roughly a year, the Justice Department has been trying to determine if traders responsible for the bets knowingly misvalued the positions to hide or understate the severity of the potential losses, according to people familiar with the investigation. The Securities and Exchange Commission also is examining the trading fiasco.

While both probes are continuing, Mr. Iksil is no longer a focus of investigators, people familiar with the situation said. Investigators still could decide to reverse course and pursue charges against him, but that is seen as unlikely unless new evidence emerges.”

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Read full Wall Street Journal article here

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