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Authorities Plan to Arrest 2 Former JPMorgan Employees
Government authorities are planning to arrest two former JPMorgan Chase employees suspected of masking the size of a multibillion-dollar trading loss, a dramatic turn in a case that tarnished the reputation of the nation’s biggest bank and spotlighted the perils of Wall Street risk-taking.
The arrests are expected to take place in London as soon as next week, according to people briefed on the matter. The action, the people said, would come on the heels of a federal grand jury voting to indict the employees on criminal fraud charges.
The employees — Javier Martin-Artajo, a manager who oversaw the trading strategy from London, and Julien Grout, a low-level trader responsible for recording the value of the soured bets — could ultimately be extradited under an agreement with British authorities.
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http://dealbook.nytimes.com/2013/08/09/authorities-set-to-arrest-2-former-jpmorgan-employees-in-london-whale-case/?emc=edit_na_20130809
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