JP Morgan: Charges Over $6bn 'London Whale'

The United States has charged two ex-JP Morgan traders over the so-called 'London Whale' scandal that resulted in losses of $6.2bn (£4bn).

Prosecutors in Manhattan accused former London-based traders Julien Grout and Javier Martin-Artajo of wire fraud and a conspiracy to falsify books and Securities and Exchange Commission (SEC) records, according to court papers.

A news conference is expected to confirm later that another former employee Bruno Iksil, who was nicknamed the London Whale over the size of his trades, will not face any charges relating to the allegations.

The case, filed in federal court, claims Grout and Martin-Artajo deliberately tried to hide hundreds of millions of dollars in losses on trades in a portfolio of synthetic credit derivatives.

Lawyers for both men have previously stated that their clients did nothing wrong and JP Morgan spokesman Joe Evangelisti declined to comment on the case.

It is understood that Spanish national Martin-Artajo supervised JP Morgan's trading strategy in London while his French colleague recorded the value of any bad investments.

The charges are the result of an investigation into events surrounding the losses in the London division of JP Morgan's chief investment office.

The losses over alleged wrongdoing first became public in April 2012.

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