Stock Market

Ex-JPMorgan Bankers Charged in $6.2 Billion Loss

Accused by U.S. prosecutors of trying to conceal trading losses

|

Two former JPMorgan Chase & Co. (JPM) employees were charged by U.S. prosecutors with attempting to conceal trading losses at the largest U.S. bank last year as part of a probe of its $6.2 billion loss on derivatives bets.

Javier Martin-Artajo, a former executive who oversaw the trading strategy at the bank's chief investment office in London, and Julien Grout, a trader who worked for him, were charged with conspiracy, wire fraud and making false filings in complaints unsealed today in Manhattan federal court. The two men engaged in a scheme to falsify securities filings between March 2012 and May 2012, according to the government.