The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

FX round up: Dealer costs JPM Chase $6 million

A former FX salesman at JPMorgan Chase in New York has been arrested and charged with wire fraud. Terrence Gumbs apparently hid an unauthorized trade, which cost the bank about $6 million in losses, according to a criminal complaint unsealed in New York.

According to court documents, prosecutors have alleged that Gumbs sold €385 million on behalf of a client. Unfortunately, he did so without the client’s permission. His action was apparently an attempt to recoup earlier losses he had racked up in unauthorized trading. If convicted, Gumbs faces up to 20 years’ imprisonment.

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree