[ by Howard Haykin ] JPMorgan Chase, along with reporting Q2 results, disclosed Friday that the 'Whale-related' trading losses could exceed more than $7 billion, and indicated that traders may have intentionally tried to conceal the extent of the red ink on the disastrous position. Questioned about how traders marked their positions, JPMorgan also noted that it would be forced to restate its Q1 results.  Had the trades executed by the London-based chief investment office been properly valued, the bank said it would have had a $1.4 billion loss on the position in the first quarter.  With Jamie Dimon announcing that the bank took a second quarter loss of $4.4 billion on those botched trades, JPMorgan has acknowledged a year-to-date loss of $5.8 billion on its trades in credit derivatives. In a statement, JPMorgan said that "the firm has recently discovered information that raises questions about the integrity of the trader marks and suggests that certain individuals may have been seeking to avoid showing the full amount of the losses in the portfolio during the first quarter."  The SEC, which currently is investigating the trading loss, is "interested" in the valuation of the trades, according to a person briefed on the investigation. On Friday's conference call with analysts, Mr. Dimon further noted that the trade could result in another $1.7 billion in losses in the future, although that estimate was based on a worst-case situation.  JPMorgan Chase CFO Doug Braunstein told analysts that the decision to re-file its earnings was made on Thursday, just one day before the bank reported its second-quarter results. Refer to other Friday postings for discussion on JPMorgan's Q2 reported results. For further details on the traders alleged actions, go to:   [Dealbook,7/13/12].