Ex-JPMorgan Chase & Co. trader Javier Martin-Artajo had been released from police custody. This was after he told the Madrid court he had opposed US extradition on trading charges pressed against him. Allegedly, Martin-Artajo had kept trading losses that cost the bank a hefty USD6.2 billion. According to a Spanish police official, the ex-trader turned himself in this morning. This was after he was contacted by investigators. A spokesperson for the National Court also said that Martin-Artajo was willing to be extradited after being released through a hearing held today in Madrid.
This month, the US charged Spanish citizen Martin-Artajo and Julen Grout, a French citizen, with trying to hide trading losses from Bruno Iksil's trades. Once proven guilty, they would serve 20 years imprisonment with the most serious counts, including wire fraud and conspiracy.
According to Ivan Mercado, a managing partner at Mercado & Rengel, "The likelihood is fairly significant that he would go back." Mercado & Rengel is a Spain-based law firm that works on US extradition cases.
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