Former J.P. Morgan Executive Fined Over $1 Million by U.K. Regulator Over London Whale Trades
February 09 2016 - 6:58AM
Dow Jones News
By Rory Gallivan
LONDON--The U.K.'s Financial Conduct Authority on Tuesday said
it had fined a former J.P. Morgan Chase & Co executive
GBP792,900 ($1.14 million) for "failing to be open and cooperative"
with the regulator at the time of the so-called London whale
trades.
The FCA said Achilles Macris, the former head of CIO
International for JP Morgan Chase Bank, N.A., in London, failed to
give it accurate information about the worsening situation of a
credit portfolio he was responsible for in 2012.
The FCA said the portfolio in question, the Synthetic Credit
Portfolio, began to suffer significant losses from early 2012 and
that Mr. Macris took action to try to resolve the issue. However,
the regulator said he didn't provide it with information about the
full extent of the difficulties.
The "London whale" was the nickname given to the J.P. Morgan
trader who amassed a large derivatives position that left the bank
nursing more than a $6 billion trading loss.
The FCA said Mr. Macris would have been fined GBP1.1 million had
he not qualified for a discount for settling early.
Write to Rory Gallivan at rory.gallivan@wsj.com
(END) Dow Jones Newswires
February 09, 2016 06:43 ET (11:43 GMT)
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