News Column

JPMorgan Chase Trader Dodges a Harpoon

August 13, 2013

The JPMorgan Chase trader known as the "London Whale," will not face charges related to the early 2012 losses, The Wall Street Journal reported.

The trader, whose name is Bruno Iksil, made market bets that went sour, losing $6 billion in the spring of 2012.

His identity was revealed early as the story unfolded and many assumed Iksil with his over-sized nickname would held responsible for the $6 billion debacle.

It has been reported Iksil had been cooperating with authorities and the more he cooperated the more likely charges against him would be tempered.

A source close to the situation now told the Journal Iksil will not be prosecuted at all. The Journal said Tuesday Iksil has provided authorities with evidence that reflects on the bank's response to the losses as it became clearer how large the losses were.

The regulatory agency, the Commodity Future Trading Commission, has also agreed not to pursue civil charges against Iksil, the Journal reported.

The evidence Iksil has provided also shows he warned others at the bank about the enormous losses, said the Journal, crediting a source "close to the matter."

At the bank, Iksil was in the middle. He reported to Javier Martin-Artajo, who is likely to face charges. Another man likely to face charges is Julien Grout, who reported to Iksil at the bank, the Journal said.

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Source: Copyright UPI 2013

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