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Achilles Macris Won the Chance to Respond
A former JPMorgan Chase & Co. executive, Achilles Macris, who supervised the unit where a trader known as the London Whale caused $6.2 billion in losses, according to Bloomberg News, has now won the chance to respond to allegations he misled regulators. Former JPMorgan trader Bruno Iksil, was nicknamed the “London Whale.”
In 2013 regulators said that the bank engaged in “unsafe and unsound practices.” According to CNN Money, JPMorgan Chase & Co. was then forced to take the unusual step of admitting it broke federal securities law, in a sentence buried deep in an annex to the SEC order. Bruno Iksil’s bad bets led to $920 million in penalties from regulators including the U.S. Securities and Exchange Commission and the FCA, which Bloomberg News reported, accumulated a 138 million-pound, a $231 million fine. According to the regulator’s notice on the fine, the Financial Conduct Authority found in September that the “conduct of CIO London management deliberately misled the authority about the situation.” JPMorgan Chase agreed to pay about $920 million in fines to U.S. and U.K. regulators to settle charges related to the “London Whale” trading situation. The London Whale caused $6.2 billion in losses.
A spokesman for Achilles Macris’ lawyers at Clifford Chance LLP wrote in an e-mail that, “looks forward to challenging the findings made against him in the final notice, which fail to take proper account of the actions he took and mischaracterize his dealings with the FCA,” according to Bloomberg News. Business Insider reported that according to Bloomberg News, “Some of Macris’s bets are now so large that JPMorgan probably can’t unwind them without losing money or roiling financial markets, the former executives said, based on knowledge gleaned from people inside the bank and dealers at other firms.” A spokeswoman for JPMorgan Chase & Co. , Jennifer Zuccarelli, has declined to comment on the story.
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Image Credit: www.thisismoney.co.ukAchilles Macris Won the Chance to Respond by Jaan
Tagged: JPMorgan Chase & Co