Arrests likely in JPMorgan trading loss case

Federal investigators have concluded that Martin-Artajo directed Grout to falsify records and conceal more than $400m in losses from their superiors at the bank, the newspaper reported.

The charges against Martin-Artajo and Grout hinge on the cooperation of Bruno Iksil, a trader at JPMorgan in London who placed the large bets that led to the loss, according to the report.

Iksil, dubbed the London Whale, is not a target of the Justice Department or the Securities and Exchange Commission, according to a separate report in The Wall Street Journal.''