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- New Law Bans Kaspersky Software from Use in U.S. Government
- I Owned Bitcoin For a Weekend and Here's What I Learned
- SEC Appoints New Chair and Board Members to PCAOB
- FINRA, Georgetown Team Up to Deliver 'Certified Regulatory and Compliance Professional' Program
- FINRA Board Meeting - This Week's Agenda
- Statement on Cryptocurrencies and Initial Coin Offerings - SEC Chair Clayton
- Company Halts Initial Coin Offering Over SEC Registration Concerns
- Kevin O'Leary Explains One Big Thing People Don't Understand About Bitcoin (But Need To)
- CME Bitcoin Futures: A Better Way to Buy (or Short) Bitcoin?
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
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NEWSLETTERS & ALERTS
The JPMorgan London Whale Resurfaces
[Photo: appeared in a 2013 LinkedIn article about the London Whale, written by Sallie Krawcheck]
The JPMorgan ‘London Whale’ scandal of 2012 cost the bank over $7.1 billion in trading losses and regulatory penalties, along with a blow to the reputations of the bank and its Chief Executive Jamie Dimon. Both have recovered nicely, thank you. But there apparently is one matter that is still outstanding. Potential legal action against the ‘London Whale’ himself, Bruno Iksil.
Iksil, 49, the former trader in JPMorgan’s London-based Chief Investment Office, has been ‘hiding out’ in France - at home with his family in France, about 50 miles south of Paris - for these past 5 years. The time away afforded him protection from prosecution.
Since going into hiding, Iksil signed a deal in 2013 with the U.S. Department of Justice - in which he agreed to give evidence in proceedings against 2 of his colleagues in exchange for the DOJ’s assurance that it would not seek prosecution. He also assisted the SEC with its investigation into the London whale affair. Then in 2015, U.K regulators disbanded its investigation. With those developments, it looked as though the ‘coast was clear.’
But in January, Mr. Iksil learned that the Federal Reserve could still seek to prosecute Mr. Iksil for his actions. And, in fact, the Fed is considering legal action – but it must act quickly because the 5-year statute of limitations ends this month on Iksil’s alleged wrongdoing. Should the Fed proceed with legal action, Mr. Iksil could ultimately face regulatory fines and sanctions – including a ban from the industry.
In response, Bruno Iksil said in a recent interview that he’s ready to accept that challenge.
“I have to fight.. I have no choice ….”
The truth has to be told.”
“I have to retrieve my reputation, my intellectual property and, simply, my life …”
That said, Mr. Iksil’s fate – both professionally and personally - depends on what the Federal Reserve chooses to do.
Stay tuned these next 2 weeks.