Spain's National Court has rejected the extradition to the United States of a former JPMorgan Chase & Co. trader wanted for allegedly falsifying bank records, but said the U.S. can take legal action against him in Spain.
The court said in a statement Thursday that it rejected the request because the events in question occurred in Britain, not in the country seeking the extradition — the United States — and that the person involved has Spanish nationality.
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The U.S. accuses Javier Martin-Artajo and another ex-trader at the bank in London of marking up the value of an investment portfolio to hide its plummeting value. The portfolio eventually incurred a $6 billion loss.
Martin-Artajo was arrested in Madrid in August 2013 but freed without bail. He denies the U.S. charges.