Former JP Morgan traders Javier Martin-Artajo and Julien Grout are likely to voluntarily turn themselves over to US authorities, according to reports.
The NY Post reports that the European-based traders, who were charged yesterday for their roles in the $6.2bn trading loss that has haunted JP Morgan for more than a year, will willingly make the trip to the US to clear their names, people familiar with the case said.
Martin-Artajo, a Spanish native who oversaw the bank’s London trading, and Grout, a junior trader who hails from France, are facing four counts of fraud and conspiracy related to the so-called London Whale probe being conducted by US federal authorities.
Meanwhile, Jamie Dimon’s JP Morgan isn’t totally off the hook. The bank is expected to agree to a rare admission of wrongdoing related to its handling of the multibillion-dollar trading loss.
Last year, Dimon publicly acknowledged that traders placed large, risky bets on credit derivatives and that he and other executives were caught off guard.
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