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A former JPMorgan Chase Commodities -trader was unfairly rejected by the bank, despite an employment judge who found that his “suspect and unusual” trade of cocoa futures was probably tried on market manipulation.
Phil Remillard, a former London -based agricultural dealer at the Wall Street Bank, was considered unfairly rejected because he did not receive documents he was entitled to see during his disciplinary investigation, the judge said.
“The dismissal was also unfair because of the unreasonable delay in bidding [Remillard] With the outcome of the disciplinary process, “said the tribunal government published on Monday.
However, the judge also discovered that Remillard, who claimed that JPMorgan fired him to appease supervisors, probably spoofing committed – a practice in which quickly Buy and Sell orders are placed and withdraw to give other traders a false impression of the question.
“Based on likely, I concluded that the plaintiff is concerned with Spoofing,” the judge said. “He contributed to his dismissal due to his own guilt -sensitive behavior.”
Remillard, who was fired in December 2022, denied the allegations.
The dismissal of the trader came after JPMorgan agreed to pay a settlement of $ 920 million in the US in 2020 after he admitted that he manipulates the futures of precious metals and American government bolt markets by Spoofing.
Regulators have tried to limit Spoofing, because fast -fire, computer -controlled trade came to dominate global markets.
The alleged spabbled transactions by Remillard took place in 2018 and were discovered after JPMorgan had run a surveillance operation after they were worried that some transactions were not checked correctly.
In the case, JPMorgan argued that it would have been clear to every trader, no matter how inexperienced, that Remillard’s trade pattern was both suspected and unusual, a claim that was accepted by the judge. Remillard had argued that he tested liquidity with some suspicious transactions.
‘[Remillard] Accepted that the disputed orders showed one or more of the characteristics of Spoofing. . . That itself is an indicator that [he] was probably spoofing, “the judge thought.
The judge added that there was a “95 percent chance” that Remillard would have been rejected if there had been “no procedural dishonesty” in the case.
As a result of the trader’s contribution to his own dismissal, the judge said that “the level of any reduction in compensation on this ground” would be determined during a future hearing. Remillard had sued his job with the intention.
JPMorgan refused to comment.
Remillard did not immediately respond to a request for comments via LinkedIn.