Two former JP Morgan traders, Andrew Lombara and Chi Lee, were allegedly dismissed from the firm over disagreements on the amount of reserves taken for treasury trades. The two men hoped to increase the size of the reserve and did so without consulting the firm’s valuation committee. JP Morgan viewed this as a violation of its internal procedures. The dismissals occurred at the same time that JP Morgan announced an 11% decline in fixed income revenues, due to increased regulatory pressures.
Andrew Lombara was registered with Prudential Securities Inc., Merrill Lynch, HSBC Securities, and JP Morgan in New York, New York from March 2005 until February 2016. He is not licensed within the industry. Chi Lee was registered with HSBC Securities and JP Morgan Securities in New York, New York from May 2006 until February 2016. He is not licensed within the industry, according to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report. Please call us to find out how to bring a claim against JP Morgan Securities. The call is free.
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