Who is Peter Sivere?

Peter Sivere is not a Hollywood celebrity, or anyone that the majority of people would recognize by name. But, if you're familiar with the finance world, or Wall Street, you likely know who he is.

Peter Sivere is a former compliance officer for J.P. Morgan Chase, who was fired for "misuse" of the corporate email system after the company was under investigation by the Security Exchange Commission, or SEC. He began working for the company in 1998, and over the years received several promotions and high scoring employee evaluations.

The SEC became involved in September 2003, after the then current New York Attorney General, Elliot Spitzer filed a complaint alleging that Canary Capital Partners, LLC (a company that now no longer exists) was allowed to trade mutual funds at the day’s closing rate, after the market was closed—a practice known as late trading. Canary Capital Partners, at the time, was one of J.P. Morgan Chase’s large clients.

The SEC wanted emails and other internal documentation to verify whether or not late trading practices were used. They placed Sivere at the head of a group of four lawyers who were supposed to gather that information. When the lawyers were not able top produce it, they were removed from the project. When new lawyers were hired to resume document collection for the investigation, Sivere was also put in charge of that group. One of these new lawyers located an email that proved a $105 million credit line was provided to Canary for the purpose of late trading. At this point, Sivere and the second set of lawyers were removed from the project, and new lawyers were hired to complete the investigation.

Over the course of the next several months, Sivere took medical leave as his wife had given birth to their first child. He was demoted for conduct reasons, and eventually fired. OSHA determined that he was wrongfully fired, and determined that he should be reinstated. Rather than become an employee again, Sivere decided to settle with the bank for $350,000.

Though this issue made it difficult for Sivere to find a new job, he is currently with another company in New York, and believes the people enforcing Wall Street regulations are far more at risk than most people realize.

 

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