Ex-JPMorgan Traders Charged With Securities Fraud
Bloomberg reported that the two former JPMorgan Chase traders who were accused of four separate counts of conspiracy, falsifying books and recorders, wire fraud and false filings in August were indicted for engaging in a securities fraud to hide trading losses that eventually surpassed $6.2 billion on wrong-way derivatives bets last year.
Bloomberg said the indictment formalized those counts, adding the securities fraud charge, the most serious charge which could result in a 20-year prison sentence.
Bloomberg also noted, according to people with knowledge of the negotiations, JPMorgan has agreed to pay at least $750 million to resolve U.S. and UK regulatory probes of its record setting loss.
To read the Bloomberg story click here.