Boston, MA, 08/14/2013 (nysepost) – A former JPMorgan Chase & Co (NYSE:JPM) employee Javier Martin-Artajo Lawyers, who is likely to face U.S. criminal charges for his role in a trading humiliation that charged the bank with $6.2 billion, said on Tuesday he expects to be cleared of the offense. “Mr. Martin-Artajo has liaised with each internal & external examination that was prerequisite of him in the United Kingdom,” said a declaration announced by lawyers at Norton Rose Fulbright in London.
Martin-Artajo is anticipated to face criminal charges for trying to bloat the price of trading locations held on his group’s books. The mismarking supposedly took place as the team tried to hide increasing sufferers in an illiquid products market, where they had made oversized bets.
Martin-Artajo functioned for JPMorgan’s chief investment office in London. After the trading victims became public, he was dismissed from the bank. JPMorgan Chase & Co. self-confessed in a filing in recent times that it is the aim of a new Department of Justice investigation to probe into its mortgage-backed safety requirements. As a result, the firm raised the upper end of its guess for losses connected to the proceedings it’s currently engaged in, by 13% from the previous quarter’s $6.0 billion to $6.8 billion.
There had been a gain of 0.37% in the shares of JPMorgan Chase & Co which closed at $54.29 per share on Tuesday. The stock had presented intraday fluctuations on the range of $53.60 to $54.70 per share, after opening at $54.22 for the day. The company had recorded 52 week low at $36.65 and 52 week high at $56.93 per share. There are 3.77 billion shares outstanding with a market cap of $204.41 billion and an institutional ownership of 74% of the total capital. The trading volume on Tuesday was 15.08 million shares and the average volume is at 17.36 million shares per day.