Prosecutors urge JP Morgan traders to face London Whale charges

Beached Whale

U.S. prosecutors urged former London-based JPMorgan traders Javier Martin-Artajo and Julien Grout to surrender and face charges that they attempted to hide trading losses tied to the bank’s $6.2bn loss on derivatives bets last year.

Bloomberg News reports that Martin-Artajo, a Spanish citizen, andGrout, a French citizen, should 'do the right thing,' Manhattan U.S. Attorney Preet Bharara said at a press conference yesterday.

Both men face as long as 20 years in prison if convicted of the most serious counts, including conspiracy and wire fraud.

While Bharara said he was 'hopeful' they would return, he had arrest warrants filed under seal along with criminal complaints August 9, according to court records. The warrants were to be served on the State Department, Interpol and foreign law enforcement agencies. The next day, police showed up at Grout’s London home, according to a person with knowledge of the matter. Grout wasn’t there. His lawyers have said he’s in France.

To access the complete Bloomberg article hit the link below

Ex-JP Morgan Traders Urged To Return to Face Whale Charges

Rich World's Biggest Jobs Growth Nears End in Singapore

Goldman in Lead to Take Biggest Share of Huarong Stake, FT Says

image: © brydeb

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts