But today Mr. Iksil,48, faces no charges. He does not even face civil claims, which have a much lower standard of proof. Preet Bharara, the United States attorney in Manhattan, disclosed in August 2013 that the government had entered into a nonprosecution agreement with Mr. Iksil, and that he would not be required to plead guilty to any crime. The Securities and Exchange Commission took no action against him. And now British regulators have dropped the case.

The result has left many white-collar defense lawyers mystified, even as they profess admiration for Mr. Iksil’s lawyers. While Mr. Iksil has emerged scot-free, his immediate boss, Javier Martin-Artajo, a Spanish national, and Mr. Iksil’s lower-ranking assistant, Julien Grout, who is French, face criminal charges and civil claims. But Mr. Martin-Artajo is in Spain, where a court has refused to extradite him, and Mr. Grout is in France, which typically does not extradite its own citizens. Although the investigation in the United States officially remains open, it appears no one, in all likelihood, will be held legally accountable.

Plus I get to use this image, again.