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JP Morgan traders 'lied' about assets to cover losses

15 August 2013 Last updated at 12:51 BST

US authorities have charged two JP Morgan Chase traders with fraud in connection to the $6.2bn "London whale" trading losses.

The charges against Javier Martin-Artajo and Julien Grout allege they tried to hide millions of dollars.

They are accused of keeping false records on the trades and committing wire fraud, charges they both deny.

The bank suffered the multi-billion dollar loss after trades made by the so-called London Whale went bad.

In a press conference to discuss the charges, US Attorney for the Southern District of New York, Preet Bharara, referred back to JP Morgan boss Jamie Dimon's initial evaluation of the whale losses as a "tempest in a teapot".

"As has already been conceded, this was not 'a tempest in a teapot' but rather a perfect storm of individual misconduct and inadequate internal controls," said Mr Bharara.

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