U.S. prosecutors urged former London-based JPMorgan Chase & Co. traders Javier Martin-Artajo and Julien Grout to surrender and face charges that they attempted to hide trading losses tied to the bank’s $6.2 billion loss on derivatives bets last year.
Two former JPMorgan Chase & Co. employees were charged by federal prosecutors with attempting to conceal trading losses at the largest U.S. bank last year as part of a probe of its $6.2 billion loss on derivatives bets.
Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein agreed to be a prosecution witness in Galleon Group LLC co-founder Raj Rajaratnam ’s insider trading trial next week, said a person briefed on the matter.
To U.S. prosecutors, former Goldman Sachs Group Inc. director Rajat Gupta is a Wall Street insider who fed secret tips to his business partner Raj Rajaratnam so the fund manager could reap millions in illicit profits.
The broker’s pitch was appealing: Inland Western Retail Real Estate Trust Inc. would pay steady dividends and the stock price wouldn’t fluctuate with the market. In 2004, Robert and Davida Wendorf invested $100,000.
U.S. prosecutors finished presenting their case against Raj Rajaratnam after presenting wiretaps and witness testimony in an effort to show his Galleon Group LLC hedge fund made millions of dollars through insider trading.
Last week, under questioning by a prosecutor, former McKinsey & Co. director Anil Kumar told jurors that he was pressured by Raj Rajaratnam to leak stock tips. This week, defense lawyers will try in cross-examination to depict Kumar as a “monstrous” liar.