JP Morgan trader who was unfairly fired after being falsely accused of ‘spoofing’ market manipulation is awarded £ 1.6million and his job is clawed back
- Bradley Jones won an employment tribunal in London against the US banking giant
- A judge ruled the firm had changed its approach to the series of trades it carried out in 2016
- Mr Jones has faced a deal investigation which saw him enter and delete two sell orders
- This move triggered the bank’s supervisory systems as potential market abuse
- JP Morgan took no action but then sacked him in January 2020 following the incident
Bradley Jones (pictured), a spot equity trader and financial analyst, won an employment tribunal in London against the US financial giant
A JP Morgan trader who was unfairly dismissed for alleged historic market abuse was awarded £ 1.6million and his job was recovered.
Bradley Jones, a spot equity trader and financial analyst, has won an employment tribunal in London against the US financial giant.
A judge ruled that the bank had changed its approach to a series of trades it carried out in 2016 because it wanted to appear to “clean up its act.”
Mr Jones, who had worked at the company for nine years, faced an investigation into transactions that saw him enter and delete two sell orders in rapid succession, known as impersonation.
This decision, which occurred in 2016, triggered the bank’s supervisory systems as potential market abuse.
JP Morgan took no further action against him, concluding that he had not committed misconduct.
But in January 2020, he was fired for alleged serious misconduct during the 2016 transactions.
A judge ruled that the bank (pictured, its London offices) changed its approach to a series of trades it carried out in 2016 because it wanted to appear to ‘clean up his act “
Employment tribunal judge Stephen Knight ruled that the bank had “radically changed” its approach to Jones actions.
He said Jones was not engaged in identity theft, which is used to give other traders a false impression of demand and was banned in the United States in 2010.
Yesterday the court said if Jones is rehired by JP Morgan by March 10, 2022, the bank will have to pay him £ 1,588,489.87 in back wages.
Jones said he wanted to be rehired by the bank as soon as possible and would happily move to London, New York or Hong Kong to work.
The tribunal heard “that there is no possibility that he will be reinstated in a vacant post, either at the level of vice-president or executive director”.
But Jones said if he couldn’t be reinstated, he would like to be rehired by the bank or an associated employer.
The judge said: “If re-employment was not granted, the applicant would never again work in a regulated role in the financial services industry.
“In all the circumstances, it is possible and appropriate to order re-employment at the Hong Kong post and it would be possible for the associated employer to comply. This is the order I make.