Martin-Artajo awaits extradition process in JPMorgan “Whale” case
Javier Martin-Artajo, ex-JPMorgan Chase trader and suspect in a USD6.2 billion trading scandal, would have bought some time by getting arrested in his native Spain, extradition lawyers said. According to a Reuters report, Martin-Artajo would resist extradition, which puts a dent to efforts of bringing him back to New York.
The Spaniard was detained in Madrid on Tuesday but later granted a conditional release. Martin-Artajo was the London supervisor of Bruno Iksil. Iksil, tagged as the "London Whale", placed huge derivatives bets that led to losses at JP Morgan in the previous year.
Lawyers expect the "London Whale" case to drag out. They also argue that extradition should be technically possible for Martin-Artajo as the alleged offenses are also punishable in Spain.
The scandal tarnished the reputation of the bank, of which is currently known as the largest banking institution in the United States. The bank may have weathered the global financial crisis, but its problems have since grown. Apart from the "London whale" fiasco, JPMorgan is also involved in a federal bribery investigation and faced multi-billion dollar lawsuits concerning subprime mortgages.