JP Morgan FX salesman arrested

Terrence Gumbs, a 17-year veteran of the bank, was arrested and charged with wire fraud, after placing a $385 million sell order on behalf of a client without consent.

According to a criminal complaint filed on February 6, the trade was aimed at offsetting losses incurred by JP Morgan from earlier currency trading orders he had initiated.

The charges were filed after the bank alerted the FBI following an internal investigation in early January. This led to the termination of Gumbs'

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