Department of Justice Files Charges against Two Former JPM Traders in Connection with Multi-Billion Dollar Trading Loss

Federal prosecutors have filed charges against former JPMorgan employees Javier Martin-Artajo and Julien Grout for allegedly acting to conceal losses in a credit derivatives trading portfolio. Prosecutors allege that, in March 2012, Martin-Artajo specifically instructed Grout and head trader, Bruno Iksil, not to report losses unless they were tied to some identifiable market event in order to avoid their being attributed to market volatility.

See: SEC Complaint.See also: SEC Press Release; DOJ Press Release.