U.S. may announce charges against ex JPMorgan staff for trying to conceal losses

The U.S. may announce charges as early as this week against former JPMorgan employees related to allegations they tried to conceal losses last year, a person familiar with the matter said.

Bloomberg News reports that the situation remains fluid and it isn’t clear who may be charged, said the person, who requested anonymity because the information wasn’t public.

Those facing U.S charges include Javier Martin-Artajo, a former executive who oversaw the trading strategy, and Julien Grout, a trader who worked for him, the New York Times reported on August 9. Prosecutors also are weighing penalties for the bank, including a fine and a reprimand, the newspaper said in a subsequent report.

The investigation has centered on whether employees at J.P Morgan’s chief investment office attempted to inflate the value of trades on the bank’s books by mismarking them, a person with knowledge of the matter said previously. Federal officials are considering charges related to mismarking books and falsifying documents, the person said.

Police showed up at Grout’s home in London last week and his landlord gave them his forwarding address in the south of France, according to a person with direct knowledge of the matter. A spokesman for London’s Metropolitan Police declined to comment. A French citizen, Grout may be difficult to arrest if he’s charged because France has tougher extradition laws than the U.K., the person said.

Hit the link below to access the complete Bloomberg article.

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