AP, NEW YORKThe US government on Friday said it is seeking dismissal of criminal charges against two ex-traders at JPMorgan Chase & Co in a scandal that caused more than US$6 billion in losses after a trader known as the “London Whale” became an unreliable witness. Prosecutors said they conspired to hide losses in a credit derivatives trading portfolio at JPMorgan. ‘LONDON WHALE’Kim said prosecutors sought charges against Martin-Artajo and Grout based on the expectations that former JPMorgan trader Bruno Iksil, who earned his nickname by making outsize bets, would be a trial witness. Martin-Artajo supervised the New York-based bank’s trading strategy in London. The trading losses surfaced in April 2012 and shook the financial world, along with JPMorgan’s reputation.

Source: Taipei Times July 22, 2017 15:56 UTC