A former JPMorgan Securities LLC broker sued the company, claiming he was threatened and terminated in order to punish him for cooperating in a federal investigation involving a high-profile fund manager who was a "prized depositor."
Barry Snyder filed the suit on Thursday, saying the company also stole his clients and took additional steps to ensure he was unable to make a living in the securities industry. He didn’t sue the fund manager or identify the person in his complaint.
“Once JPMS learned Snyder was cooperating in the investigation, JPMS made threats against Snyder, terminated Snyder, stole Snyder’s clients and took additional steps to ensure that Snyder was unable to make a living in the securities industry to punish Snyder for cooperating in the investigation,” he said in the complaint in New York state court in Manhattan.
Snyder, who worked in Palm Beach, Florida, was previously employed by Credit Suisse Group AG and Deutsche Bank AG. He was ranked 22nd in Barron’s 2008 survey of financial advisers. Snyder is seeking more than $15 million in damages and a retraction of the “false, defamatory and inflammatory” language in his industry termination notice.
An email to a JPMorgan Chase & Co. representative wasn’t immediately returned.
The case is Snyder v. JPMorgan Securities, 651524/2018, New York state Supreme Court (Manhattan).
This article was published by Bloomberg News.