Regions

Hannam cleared by JP Morgan

July 3
1:21 PM 2013

Ian Hannam said today that JP Morgan Chase & Company cleared him of any charges previously attributed to him. The bank, where Hannam previously worked as a top adviser for mergers, cleared him after the United Kingdom finance regulator tagged him for market abuse.

Hannam said that JP Morgan Chase believed that he had performed any type of market abuse. He testified at a London court today, where he defended himself against accusations of disclosing inside information. The fine posted against him was worth GBP450,000 or US$687,000.

"They carried out this very serious investigation and I assure you that if they had found I had (broken any rules and regulations), I would not have been an employee there." Hannam testified.

The United Kingdom Financial Conduct Authority's evidence were two e-mail messages citing probably disclosure of trade secrets. Hannam argued that those e-mails were "of the best interest" of their client, Heritage Oil Plc.

When asked about his future plans, Hannam said "I particularly enjoyed working for JPMorgan."

"I would probably still be at JPMorgan," he mused.

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