Bloomberg News

JPMorgan Executive Dunleavy Named in FERC Complaint Retires

November 07, 2013

Francis Dunleavy, the JPMorgan Chase & Co. (JPM:US) energy executive who ran the Houston unit that developed trading strategies deemed illegal by the U.S. Federal Energy Regulatory Commission, has retired.

The move, ending a career spanning more than three decades, took effect last month, Brian Marchiony, a spokesman for the New York-based bank, said today.

Dunleavy, as head of JPMorgan’s principal investments unit, oversaw bidding strategies that the FERC said manipulated power markets. JPMorgan agreed in July to pay $410 million and forgo collecting on $262 million in disputed payments from California’s grid operator to settle the charges.

Dunleavy was a Bear Stearns Cos. veteran, joining that firm in 1982 and becoming one of its senior energy executives, according to Financial Industry Regulatory Authority records. JPMorgan, the biggest U.S. bank by assets (JPM:US), acquired Bear Stearns in 2008. Andrew Kittell and John Bartholomew, who both reported to Dunleavy, still work for the bank, Marchiony said.

While the FERC didn’t sanction individuals in the case, the Federal Bureau of Investigation opened a separate probe to see if anyone committed crimes, a person briefed on the matter said in August.

Dunleavy resigned from JPMorgan warehouse operator Henry Bath & Son Ltd., effective Oct. 25, according to a filing earlier this week.

William Scherman, an attorney for Dunleavy at Gibson Dunn & Crutcher LLP in Washington, said his client wasn’t available to comment. Reuters reported on Dunleavy’s departure from JPMorgan earlier today.

To contact the reporter on this story: Dawn Kopecki in New York at dkopecki@bloomberg.net

To contact the editor responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net


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