FBI continues probe into JP Morgan The US attorney's office and the Federal Bureau of Investigation are both continuing their investigations into the 2011 scandal and could impose a fine on the investment bank for allowing the alleged wrongdoing to occur, according to reports in The New York Times. JP Morgan could also be forced to tighten its internal controls to prevent a repeat of the episode, during which traders working in the London arm of the bank's chief investment office racked up billions of dollars of losses by betting on the debt of large US companies. Last week, it emerged that the prosecutors are preparing to arrest two former JP Morgan bankers in relation to the scandal. They are reportedly preparing to file criminal fraud charges against Javier Martin-Artajo, a Spaniard living in London, who used to be a manager at the bank, and Julien Grout, a relatively junior trader who reported to him and is now said to be living in France. US authorities are expecting to file the charges within days, starting the firing gun on what is likely to be a lengthy battle to extradite the two men to America. Bruno Iksil, the former JP Morgan trader nicknamed the "London Whale" on account of the enormous positions he took on US debt, is not expected to face criminal charges. However, the US prosecutors are keen to ensure that the bank is not able to make scapegoats of Mr Martin-Artajo and Mr Grout. Any escalation would deliver a blow to Jamie Dimon, JP Morgan's chairman and chief executive, who faced a battle to win back investors' confidence following the scandal. Whatever punishment is meted out against the bank is likely to come on top of separate sanctions imposed by America's Securities and Exchange Commission and Britain's market regulator, the Financial Conduct Authority. Both have been conducting their own investigations into the alleged wrong-doing. JP Morgan and all of the authorities declined to comment.