Ex-JPMorgan traders avoid New York deposition

Beached Whale

Two former JPMorgan traders living abroad who face U.S. charges over the bank's $6.2bn 'London Whale' scandal won a bid on Wednesday to avoid sitting for a deposition in New York, where their lawyers say their arrest is likely.

Reuters reports that the decision by U.S. District Judge George Daniels in Manhattan marked another setback for U.S. authorities, who have been unable to secure the extradition of the traders, Javier Martin-Artajo and Julien Grout.

The ruling came in a lawsuit by the U.S. Securities and Exchange Commission that was filed at the same time that federal prosecutors announced criminal charges against the traders in April 2013.

Martin-Artajo and Grout face criminal charges including securities and wire fraud for hiding losses within JPMorgan's chief investment office in London by marking positions in a credit derivatives portfolio at inflated prices.

To access the complete Reuters article hit the link below:

Ex-JPMorgan traders, citing arrest risk, avoid SEC deposition in N.Y

UK banks will not have to abandon free banking, be broken up - watchdog

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

Register for Financial Markets News Alerts