JPMorgan Whale suspect plans to resist extradition

Beached Whale

A former JPMorgan banker was arrested on Tuesday in Spain on charges of hiding massive losses related to the bank's 'London Whale' trade plans to resist extradition to the United States, court officials said.

CNN reports that Javier Martin-Artajo, former head of credit and equity trading at JPMorgan's chief investment office, turned himself in to Spanish police Tuesday.

He was released following a preliminary hearing at the National Court on condition that he remain in Spain and attend court twice a month.

U.S. prosecutors charged Artajo and his colleague Julien Grout earlier this month with conspiring to conceal more than $500m in losses related to the bank's complex derivatives bet that turned sour. The series of trades ultimately generated losses of more than $6bn for JPMorgan.

To access the complete CNN article hit the link below

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