Thursday, October 11, 2012

More fraud

"Federal authorities are developing criminal cases related to the multibillion-dollar trading loss at JPMorgan Chase, and arrests could come in the next several months, report DealBook’s Ben Protess and Azam Ahmed. As part of their effort, investigators are poring over thousands of recorded phone calls; in some, employees discussed “how to value the troubled bets in a favorable way.”

The investigation focuses on four people who worked in the bank’s chief investment office in London, including Bruno Iksil, the trader known as the London whale, and Achilles Macris, an executive in that unit. DealBook writes: “Authorities are examining how some traders in the chief investment office influenced market prices as their bets began to sour. Investigators are also looking into whether records were falsified to hide the problems from executives in New York.”

No comments:

Post a Comment