Investigators Use Taped Phone Conversations To Build Case Against JPMorgan

The New York Times reports that investigators are looking into the actions of four people who previously worked for the team based in London responsible for the $6bn loss, according to officials briefed on the case. The Federal Bureau of Investigation could make some arrests in the next several months, said one person who spoke on the condition of anonymity because the inquiry was ongoing.

The phone recordings, which were turned over to authorities by JPMorgan, have helped focus the investigation, the officials said. Authorities are poring over thousands of conversations, in English and French. They are also relying on notes that employees took during staff meetings, instant messages circulated among traders and e-mails sent within the group.

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