Ex-trader in ‘London Whale’ case arrested
Print Edition
Spanish police yesterday arrested a former JPMorgan trader wanted by the United States to face criminal charges in the massive “London Whale” fraud scandal.
Officers arrested Spanish national Javier Martin-Artajo Rueda on an international warrant by the US for alleged fraud and tax crimes, police said in a statement.
He is accused of being the senior figure in the 2012 trading scandal involving US$6.2 billion in trading losses at the US banking giant.
“The detainee is suspected of being responsible for manipulating and inflating the value of positions on his firm’s credit portfolio,” the statement said.
The suspect went before a judge at the National Court in Madrid, who granted him bail pending a ruling on extradition after Martin-Artajo did not consent to be extradited voluntarily, a judicial source said. He was released on condition that he check in with the court every two weeks and was banned from leaving Spain, the source said.
US federal prosecutors filed criminal charges on August 14 against Martin-Artajo and Frenchman Julien Grout, alleging they kept false records on trades, committed wire fraud and submitted false US securities filings.
The Securities and Exchange Commission, the US stock trading authority, also filed civil charges against the two men alleging securities fraud.
A third ex-JPMorgan banker, French national Bruno Iksil — originally identified as the “London Whale” responsible for the trades — was cleared of criminal responsibility after cooperating with prosecutors.
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