Federal authorities announced that they are going to criminally prosecute against two former JP Morgan Chase employees who allegedly disguised losses on a trade that spun out of control last year.
The former JP Morgan employees – Javier Martin-Artajo, a manager who oversaw the trading strategy and Julien Grout, a low level trader in London – were charged with wire fraud, falsifying bank records, and contributing to false regulatory records. The government also charged them with conspiracy to commit those crimes.
Geoffrey Broderick, the senior partner of the Resolution Law Group, says “while this criminal prosecution is a step in the right direction, the allegations, if true, are systematic and rampant in nature. Why isn’t the government pursuing criminal charges against the executives at JP Morgan Chase and those who committed the criminal acts?” Broderick added, “it is unlikely that the low level trader in London was acting on his own initiative. If there was a conspiracy, the ringleaders were a big part of it.”
Mr. Broderick adds that “The housing market will continue to suffer until it is fixed by the Courts or the Legislature. Somebody has to fix the problem. That is why The Resolution Law Group continues its fight for homeowners. Homeowners cannot expect the problem to fix itself.”
The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.
The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, visit its website at www.TheResolutionLawGroup.com