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August 12, 2013

U.S. Said to Plan to Arrest Pair in Big Bank Loss

Government authorities are planning to arrest two former JPMorgan Chase employees suspected of masking the size of a multibillion-dollar trading loss, a dramatic turn in a case that tarnished the reputation of the nation’s biggest bank and spotlighted the perils of Wall Street risk-taking.

The former employees, who worked in London, could be arrested in the coming days, according to people briefed on the matter. The action, the people said, would involve criminal fraud charges.

The employees — Javier Martin-Artajo, a manager who oversaw the trading strategy, and Julien Grout, a low-level trader in London — could ultimately be extradited under an agreement with British authorities. Yet the people briefed on the matter, who spoke on the condition of anonymity, cautioned that it is unclear whether British authorities will be able to locate the men, who are natives of other European countries.”

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Read full New York Times article here

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