JPMorgan trader says he is a scapegoat in 'whale' case
NEW YORK (AFP) - A former JPMorgan Chase trader said on Tuesday that the government was making him a scapegoat for the "London whale" trades while letting off his boss.
Lawyers for Julien Grout, who was indicted by a grand jury on Monday for fraud and false securities filings in the case, said that he acted under orders from his managers in masking the massive derivatives losses that rocked the bank last year.
Grout, who worked under senior trader Bruno Iksil in JPMorgan's London office, "has been unjustly used as a pawn in the government's attempt to settle its highly politicised case against JPMorgan Chase," said Edward Little, an attorney for Grout at Hughes Hubbard & Reed LLP.
"It is incredible" that Iksil "got a deal from the government allowing him to escape all charges in return for testimony against his own junior trading assistant," Mr Little said.