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Former JP Morgan Chase Traders Charged - Hid $500M
Two former JP Morgan Chase bankers have been charged in connection with a trading scandal that cost the bank billions of dollars.
US prosecutors accuse Javier Martin-Artajo and Julien Grout of conspiring to conceal more than $500-million in losses related to the bank's ill-fated "London Whale" trade.
That's the deal where a team of traders made a bad bet on complex credit derivatives that cost the company $6-billion.
The trader who led the team will not be prosecuted after agreeing to give authorities with evidence about the trades and to testify at any trial.
These are the first criminal charges to be filed in connection with the losses.
Charges include wire fraud, falsifying books and conspiracy.