The Financial Conduct Authority (FCA) has fined [09/02/2016] Achilles Macris £792,900 for failing to be open and co-operative with the Authority. Mr Macris was Head of CIO International for JPMorgan Chase Bank, N.A. in London.
In the role he was responsible for a number of portfolios, including the synthetic credit portfolio, at the time of what became known as the ‘London Whale’ trades.
The FCA concluded that between 28 March 2012 and 29 April 2012, the employee had not initially provided the FSA with information about the full extent of the difficulties that a synthetic credit portfolio under his management was then facing and on a subsequent occasion allowed an inaccurate impression to be given that there had been no material changes since the previous meeting.
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