Arab Today, arab today spain rejects extraditing trader in london whale case to us
Last Updated : GMT 08:45:09
Arab Today, arab today
Arab Today, arab today

Spain rejects extraditing trader in 'London Whale' case to US

Arab Today, arab today

Arab Today, arab today Spain rejects extraditing trader in 'London Whale' case to US

Former JP Morgan trader Javier Martin-Artajo
Madrid - AFP

Spanish authorities have refused to extradite a former JPMorgan bank trader to the United States where he faces criminal charges in the massive "London Whale" fraud scandal.

Spain's national court rejected a US demand to extradite Spanish national Javier Martin-Artajo, which is accused of being the senior figure in the 2012 scandal covering up $6.2 billion (5.7 billion euros) in trading losses at the US banking giant.

Martin-Artajo fought against the extradition request on the grounds of his Spanish nationality and because his actions did not take place in the US but at the London branch of the US bank, according to documents released by the court Thursday.

The court's decision may be appealed.

US federal prosecutors filed criminal charges in 2013 against Martin-Artajo and another former JPMorgan employee, Frenchman Julien Grout, alleging they kept false records on trades, committed wire fraud and submitted false US securities filings when they worked for the bank in London.

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.

Spain arrested Martin-Artajo in August 2013 on a US warrant.

The US complaint documents how the London team allegedly falsified financial records after Martin-Artajo was pressured from higher-ups about losses in early 2012.

Martin-Artajo directed underlings to calculate trades and price assets in such a way as to discount the losses, according to the complaint, which cites phone calls and emails.

As a result of the false records, JPMorgan in July 2012 understated losses from its corporate private equity division, which included the London trading operation, by $459 million.

The US charges carry a maximum sentence of 65 years in prison and a fine of at least $5 million.

JPMorgan paid a fine of about $1 billion for poor oversight related to the trading loss, and US regulations coming into force will restrict banks from trading on their account like JPMorgan had been doing.

While a number of executives had to step down, JPMorgan chief executive Jamie Dimon kept his job.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spain rejects extraditing trader in london whale case to us Arab Today, arab today spain rejects extraditing trader in london whale case to us

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday