Doing What's Right!
JP Morgan employees in deep trouble
U.S. officials on Wednesday lodged criminal charges against two former JPMorgan Chase employees accused of concealing hundreds of millions of dollars in trading losses in an episode that cast a sour light
on the bank’s high-risk investments.
Javier Martin-Artajo and Julien Grout were charged with wire fraud, filing false information with the SEC
and other crimes that were part of an alleged conspiracy to hide mounting trading losses on derivatives
investments assembled in the bank’s London office.
Losses stemming from that unit eventually topped $6 billion.
First, I suspect those "losses" were actually stolen.
That's how they do things - they make trades then bet the trades will lose money.
But I'm sure the thieves will be forced to pay a Draconian $25K fine and get a stern warning not to steal additional billions in the future.
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