London Whale: Will charged traders turn themselves in?

Beached Whale

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.

Hit the link below to access the complete Reuters article:

Sources: Ex-traders will turn themselves in

‘Breach’ of trust: Two are charged in Whale scheme

That’s 1 lucky penney 

image: © brydeb

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