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Charges dropped after 'Whale' accused JPM's Dimon of making him a fall guy

Section: Daily Dispatches

By Francine McKenna, New York
Friday, July 21, 2017

The case against two traders in the infamous "London Whale" case appears to have fallen apart after the Whale himself, considered a key witness, accused J.P. Morgan Chase & Co. Chief Executive Jamie Dimon of setting him up as a fall guy.

The U.S. Department of Justice revealed today that it is seeking permission from a judge to dismiss the charges against two former J.P. Morgan derivatives traders, Javier Martin-Artajo and Julien Grout. According to the announcement, a key reason for dropping the case is because prosecutors no longer believed Bruno Iksil's testimony could be relied upon to prosecute "based on a review of recent statements and writings made by Iksil."

Iksil, the trader nicknamed "the London Whale" and a former colleague of the two defendants at J.P. Morgan, recently accused Dimon and other J.P. Morgan senior executives of using him as "a screen" in the effort. According to a statement from the Justice Department, the prosecutors had also failed to win approval for the extradition of Martin-Artajo and Grout from Spain and France. ...

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