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Thursday, Aug 15
JPMorgan braces for fines from U.S., U.K. over London Whale
- JPMorgan (JPM) reportedly expects fines from multiple authorities for its "London Whaling" trading fiasco, with the SEC, the Department of Justice, the Commodity Futures Trading Commission and the U.K.'s Financial Conduct Authority seen imposing penalties.
- The speculation comes after the DOJ yesterday filed criminal charges over the loss against two former JPMorgan traders, although not the man himself, Bruno Iksil, who is cooperating with prosecutors.
- Martin-Artajo, 49, and Julien Grout, 35, are to be held liable for the provision of inaccurate information to investors by "fraudulently" concealing their losses.
- Former senior JPMorgan executives at the bank's Chief Investment Office who supervised Iksil, such as Ina Drew and Achilles Macris, are apparently unlikely to face charges.