Report: Authorities build cases in JPMorgan loss

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Associated Press

Posted on October 11, 2012 at 1:01 PM

Updated Thursday, Oct 11 at 1:33 PM

NEW YORK (AP) — A published report says federal authorities are using taped phone conversations to build criminal cases connected to the $6 billion trading loss announced by JPMorgan Chase earlier this year.

The New York Times reports investigators are focusing on four people who worked for the London team responsible for the loss. The Times says authorities are also examining notes from staff meetings, instant messages and emails.

The report says the investigation is in the early stages and federal prosecutors haven't decided whether to file charges. No current or former employee has been charged with wrongdoing.

JPMorgan Chase declined comment. The bank reports its quarterly earnings Friday and is expected to face more questions about the trading loss.

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