{"id":5481,"date":"2013-08-23T00:00:00","date_gmt":"2013-08-23T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/08\/exjpmorgan_traders_get_crimina"},"modified":"2022-03-11T09:18:50","modified_gmt":"2022-03-11T15:18:50","slug":"exjpmorgan-traders-get-crimina","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/exjpmorgan-traders-get-crimina\/","title":{"rendered":"Ex-JPMorgan Traders Get Criminal Charges Over the Allegedly Fraudulently Inflating Investments\u2019 Value to Hide Massive Trading Losses"},"content":{"rendered":"\n

Earlier this month our securities law firm reported that the US Department of Justice was planning to bring criminal charges against Julien Grout and Javier Martin-Artajo, two ex-JPMorgan Chase & Co. (JPM)<\/a> trading specialties. The charges, including conspiracy, wire fraud, falsification of books and records, and falsification of SEC records, now have been filed. The government contends that they conspired to conceal huge trading losses and made false statements to regulators. <\/p>\n

According to U.S. Attorney Preet Bharara, the men purposely lied about the \u201cfair value of billions of dollars in assets\u201d on the firm\u2019s books to conceal massive losses that continued to grow each month. He says that the trading losses would eventually total over $6 billion and involved credit default swaps and other synthetic derivative products. <\/p>\n

The portfolio had tripled in worth to about $157 billion in net national positions between 2011 and 2012, and JPMorgan made about $2 billion in profits from 2006 through 2012. But when traders began to take large derivative positions, there were big financial losses and the portfolio began to lose money\u2014over $185 million between January and February of 2012 alone. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Earlier this month our securities law firm reported that the US Department of Justice was planning to bring criminal charges against Julien Grout and Javier Martin-Artajo, two ex-JPMorgan Chase & Co. (JPM) trading specialties. The charges, including conspiracy, wire fraud, falsification of books and records, and falsification of SEC records, now have been filed. The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3958],"tags":[],"class_list":["post-5481","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-jp-morgan-chase"],"yoast_head":"\nEx-JPMorgan Traders Get Criminal Charges Over the Allegedly Fraudulently Inflating Investments\u2019 Value to Hide Massive Trading Losses — Investor Lawyers Blog — August 23, 2013<\/title>\n<meta name=\"description\" content=\"Earlier this month our securities law firm reported that the US Department of Justice was planning to bring criminal charges against Julien Grout and — August 23, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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