Jpmorgan Fined $920 Million For ‘london Whale’


British police said Friday they have arrested eight men after a gang stole ??1.3 million (1.5 million euros, $2.09 million) from Barclays bank by taking control of a branch computer system.AFP/File LONDON (AFP) British police said Friday they have arrested eight men after a gang stole ??1.3 million (1.5 million euros, $2.09 million) from Barclays bank by taking control of a branch computer system. The men, aged between 24 and 47, were arrested on Thursday and Friday morning on allegations of conspiracy to steal from Barclays and conspiracy to defraud British banks. They are accused of a theft in April, when a man purporting to be an IT engineer arrived at a Barclays branch in north London saying he was there to fix the computers. He then attached a keyboard, video and mouse (KVM) device with a 3G router to one of the computers, according to a statement from the Metropolitan Police. Such devices are routinely used by people in business to work remotely on their office computer systems, but it allowed the gang to remotely transfer money into their bank accounts. “Those responsible for this offence are significant players within a sophisticated and determined organised criminal network, who used considerable technical abilities and traditional criminal know-how to infiltrate and exploit secure banking systems,” said Detective Inspector Mark Raymond of the Central e-Crime Unit. Barclays recovered “a significant amount” of the money stolen, police said, but the arrests are the first in the five-month investigation into the crime. Officers searched a number of addresses across London and Essex, east of the capital, and seized cash, jewellery, drugs, “thousands of credit cards” and personal data, the statement said. One central London premises searched was described by detectives as the “control” centre of the operation. Police foiled a similar plot against Santander last week, arresting 12 men accused to trying to take control of a computer in a branch in London’s financial district. Four men were later charged with conspiracy to steal.

NFL exec: Team in London ‘clearly’ not happening soon

CenturyLink Field, home of the Seattle Seahawks.

The bank said it had already issued credits or refunds to customers who were affected. JPMorgan shares closed down 1.2% at $52.75 in Thursday trading. Despite the new London whale settlements, JPMorgan still faces a criminal investigation of the trading episode by federal prosecutors and a separate civil probe by the Commodity Futures Trading Commission. Iksil, who no longer works for the bank, is cooperating with the criminal investigation by the Manhattan U.S. Attorney’s office in New York. In a federal affidavit filed last month, two other former JPMorgan Chase employees directly involved in the London whale trades were charged with conspiracy, falsifying books and records, wire fraud and making false filings with the SEC. The two, Javier Martin-Artajo and Julien Grout, were formally indicted Monday on charges they manipulated and inflated the value of the trading positions to cover up the true size of the deepening losses. London-based lawyers for Martin-Artajo have said they were confident he would be cleared of any wrongdoing. New York defense attorney Edward Little this week said Grout “was a junior trader’s assistant acting under the direct instructions of his managers and has been unjustly used as a pawn in the government’s attempt to settle its highly politicized case against JPMorgan Chase.” In announcing the charges against the two traders, Manhattan U.S. Attorney Preet Bharara signaled that senior bank officials had been aware of what the London traders had been doing. While declining to discuss the continuing investigation, he said, “They definitely knew they (bank traders) were cooking the books.” Sen. Carl Levin, D.Mich., whose Senate subcommittee issued the report critical of JPMorgan, said the issue of misinforming investors and the public was “conspicuously absent” from the SEC’s part of the settlement. John Coffee, a securities law expert at Columbia University Law School in New York, questioned why regulators imposed fines that would ultimately be borne by JPMorgan shareholders without finding any top bank officials at fault. “It is not a triumph without being able to identify who is responsible above the level of low-ranking officers,” Coffee said. Dan Marchon, a senior equity research associate at Raymond James & Co., said he was not surprised by the relatively muted stock market reaction to the settlement because JPMorgan CFO Marianne Lake recently disclosed a more than $1.5 billion third-quarter increase in the bank’s reserves for litigation costs.

London as you’ve never seen it: Urban explorers risk their lives to capture stunning images of city

If you move in the wilderness, its totally expected that if youve got a big mountain next to your house, youre going to climb it. Everyone wants to see the view from the top of the mountain, he said. If you live in Southwark, and theyre building an 80-storey building, obviously you want to see the view from the top. The construction firms appear to make concessions, like putting the viewing platform in The Shard, but it ends up being only for people that have a large disposable income. A group of urban explorers on top of a water tower on the roof of an estate in Pimlico in London Bradley L. Garrett / Barcroft Media Garrett is also keen to dispel some of the myths that have grown up around the urban exploration community. A lot of people like to label this whole thing as us being deviant and smashing into places, but its actually not about that at all, its about appreciation for these places, he said. Its totally benign. We go out, nothing gets damaged, nothing gets broken, we go in, we feed the adrenaline rush, and we go home. While some of the group’s larger ventures such as an exploration of Burlington, an underground Cold War city designed to house the UK government in the event of a nuclear strike, required intricate planning, sometimes – as with The Shard – they would just let the city surprise them. “Its often those spontaneous explorations that end up being the coolest, when youre just walking through the city and someone says look, theres scaffolding on that building and you climb it and you get through a window and then all of a sudden you get on a staircase and then youre on the roof and youve got this incredible view of London at 2am in the morning. “You sit up there with your friends and chill out and take in the view, and then you climb down and spot a night bus and youre home and in bed in an hour,” he said. “And then you wake up in the morning and it feels like a dream, and then you stick the memory card of your camera in the computer and you go My God, that was real, that was amazing! and youve got these incredible photos to document this experience.” Garrett insists that all the urbexers he met during his PhD were united by two things: a passion for real-life adventure and a love of London. If you love the city enough and youve seen loads of places, you get to a point where youre like yeah, but I know these other places are here, I want to see those places too. Although trespass is generally not a criminal offence in the UK, setting foot on the railways is a different matter, and the explorers eventually fell foul of the law during their search for the disused ‘ghost stations’ of the London Underground. Garrett was marched off a plane by British Transport Police and his bail conditions currently prevent him from communicating with other members of the LCC. Nevertheless, he is adamant that in the long run the group will remain friends.

Louis Rams. “They love the NFL, and they love the real thing not preseason games, not World League of American Football. They love the real, competitive, intense drama of NFL football.” Parsons offered a more conservative estimate. But he confirmed the number of UK fans is in the “multiple millions” even when excluding those who, for instance, only watch the Super Bowl. “We really target in on those,” Parsons said, “and there’s well over 2 million of those that we’ve identified in the UK, and we have a significant proportion of those in our NFL database and we communicate with them frequently. We know a significant portion of those will also watch the games week-in, week-out, and buy all of our products.” The league also has offices in Canada, Mexico and China, plus a significant presence in Japan. The Buffalo Bills have played a regular-season game per season in Toronto since 2008. The 49ers and Arizona Cardinals played in Mexico City in 2005. A preseason game in Shanghai could be next. But there is heavy focus on the UK market, where the Wembley event itself is the highest-grossing merchandise day that exists for any event in the country, Parsons said. The NFL is expanding its events throughout the fall, including an upcoming tour with the Lombardi Trophy, and technological advances are allowing more fans to access games played abroad. Several UK networks now air NFL games live. The NFL RedZone channel is available. Fans can pay 100 pounds for NFL Game Pass (the UK’s version of DirecTV’s Sunday Ticket). Even HBO’s “Hard Knocks” aired this year on Channel 4.

© 2016