Case against 'London Whale' dropped

The U.K. Financial Conduct Authority has abandoned a proposed fine of about $1.5m and an industry ban against the former JPMorgan trader known as the London Whale.

Bloomberg News reports that the FCA sent a letter to Bruno Iksil earlier this month notifying him the agency was dropping its investigation, without giving a reason.

The regulator discussed a fine of as much as $1.5m and a ban as part of a market misconduct penalty, said a person familiar with the case who declined to be identified because the negotiations aren’t public.

JPMorgan was fined more than $1bn by U.S. and U.K. regulators in 2013 for management failings after Iksil, known as the London Whale because of his large bets, incurred $6.2bn in losses in 2012. The scandal erased as much as $51bn of shareholder value and led to the departure of four senior managers, including Chief Investment Officer Ina Drew.

To access the complete Bloomberg News article hit the link below:

London Whale Escapes $1.5 Million Fine as FCA Drops Case

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