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- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
- BigLaw Hogan Lovells Announces Hundreds of Buyouts, Layoffs - Almost 500 Affected
- Faith-Based Advisor Censured for Selling Class A Shares to Clergy
- After FINRA Bar, CFP Board Suspends Texas Advisor
- iCapital Network to Acquire U.S. Private Equity Access Fund Platform from Deutsche Bank
- Deutsche Bank ‘Beyond Repair’ as Trading Drops - Autonomous Research
- Guggenheim Partners CEO Might Step Down
- Wachovia Customer Sues Wells Fargo Over FundSource Losses - Bill Singer
- Credit Downgrade for Wells Fargo Due to Fake Account Scandal
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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.