1. SPANISH FLY

    Ex–JPMorgan Trader Arrested

    U.S. Attorney for the Southern District of New York Preet Bharara points to a chart during a news conference announcing the unsealing of charges against two derivative traders Javier Martin-Artajo and Julien Grout in New York August 14, 2013. The two former JPMorgan Chase & Co employees are facing criminal charges related to the trading scandal that cost the bank $6.2 billion last year , but the trader  who earned the nickname "the London Whale" and was at first closely tied to the scandal is not one of them. REUTERS/Shannon Stapleton(UNITED STATES - Tags: BUSINESS CRIME LAW POLITICS)

    Shannon Stapleton/Reuters

    Looking for someplace to go to flee extradition? France and Spain are apparently lovely every time of year. Spanish police arrested former JPMorgan trader Javier Martin-Artajo, and the Spaniard faces possible extradition to the U.S. Earlier this month Martin-Artajo was charged, along with a former colleague, Frenchman Julien Grout, with wire fraud, conspiracy, and falsifying records in an attempt to cover up over $6.2 billion in trading losses incurred by trader Bruno Iksil, who made oversize bets on credit derivatives that earned him the nickname the London Whale. Martin-Artajo’s case has been handed over to Spain’s High Court, which decides on extradition requests, but sources close to both charged men claim it isn’t likely for either.

    Read it at Reuters