JPMorgan Chase cooperated with federal investigators, according to the lawsuit, to employees who worked better than an executive.
Commodities trader Donald Turnbull claimed in court papers that he was abruptly removed from the bank’s precious metals trading group as soon as JP Morgan discovered the extent of his cooperation with the US Department of Justice.
Ultimately, the DOJ inspired six JPMorgan merchants to spoof, or manipulate the market in 2019, through creating fake supply and demand.
In 2019, Turnbull says the information he gave to the DOJ exposes key, multi-year flaws in JP Morgan’s trading oversight mechanisms and enforcement decisions.
Of the six accused employees, three were “favorably” released from their jobs, “Turnbull claims in Manhattan Federal Court papers, while one resigned, and two others as their prosecutions expired. It was abolished only later.
But the bank’s 15-year veteran Turnbull, Was canned, His unclaimed stock options were canceled, and JP Morgan’s threats were “to refund his former compensation”, he alleges in the litigation. He was not an accused in the DOJ investigation.
The bank has justified Turnbull’s termination by claiming that he himself was engaged in trades that had “the appearance of spoofing”, a claim that he was “retaliatory”.
Turnbull is seeking unspecified damages. JPMorgan Chase declined to comment.