{"id":5716,"date":"2015-01-14T00:00:00","date_gmt":"2015-01-14T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/01\/jpmorgan_suspends_forex_trader"},"modified":"2022-05-06T12:05:06","modified_gmt":"2022-05-06T17:05:06","slug":"jpmorgan-suspends-forex-trader","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/jpmorgan-suspends-forex-trader\/","title":{"rendered":"JPMorgan Suspends Forex Trader for Alleged Disclosures Involving Royal Bank of Scotland-Related Activities"},"content":{"rendered":"\n

Bloomberg<\/em> is reporting that according to a source, JPMorgan Chase & Co. (JPM)<\/a> has suspended currency dealer Gordon Andrew for alleged wrongdoing involving his work at Royal Bank of Scotland Group Plc. (RBS). According to The Wall Street Journal<\/em>, people familiar with the matter say that the firm discovered evidence that Andrew disclosed trading data to employees of other banks. The forex trader does a lot of work converting huge amounts of euros into pounds at benchmark rates related to subsidies that the EU pays to British farmers every year. <\/p>\n

Andrew began working for JPMorgan in October 2012 after Richard Usher, an RBS colleague, also switched to the firm. Usher was JPMorgan\u2019s chief currency dealer in London until 2013 when he was put on leave during a global probe into foreign exchange market manipulation. He left the firm the following year. Regulators in the U.K. and the U.S. have since fined JPMorgan $1 billion related to the rigging probe. RBS was ordered to pay a $634 million fine.<\/p>\n

Today, the WSJ <\/em>reported that the probes into currency market manipulation have led to new signs of possible wrongdoing. Sources tell the newspaper that JPMorgan has even put aside another $900 million to cover investigation-related costs as well as legal bills. Meantime, broker-dealer Tullett Prebon PLC (TLPR) has started an internal review into its currency market practices. One of its brokers was allegedly referred to as a trade conduit in one chat room. That broker still works for the firm. In 2014, British fraud prosecutors charged an ex-Tullet broker with assisting other bank traders in manipulating trades.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Bloomberg is reporting that according to a source, JPMorgan Chase & Co. (JPM) has suspended currency dealer Gordon Andrew for alleged wrongdoing involving his work at Royal Bank of Scotland Group Plc. (RBS). According to The Wall Street Journal, people familiar with the matter say that the firm discovered evidence that Andrew disclosed trading data […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3958,4036],"tags":[2709],"class_list":["post-5716","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-jp-morgan-chase","category-royal-bank-of-scotland","tag-forex-trading"],"yoast_head":"\nJPMorgan Suspends Forex Trader for Alleged Disclosures Involving Royal Bank of Scotland-Related Activities — Investor Lawyers Blog — January 14, 2015<\/title>\n<meta name=\"description\" content=\"Bloomberg is reporting that according to a source, JPMorgan Chase & Co. 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