by Pam Martens and Russ Martens, Wall St On Parade:
When you are the largest bank in the United States and you’ve been compared to the Gambino crime family in a book by two trial lawyers; when you’ve pleaded guilty to three criminal felony counts brought by the United States Justice Department in the past five years; when you’ve paid over $30 billion in fines over charges of crimes against the public and investors since 2008; and when you’ve had an unprecedented string of employees leaping to their death from buildings, dropping dead at home or on the street, and two alleged murder-suicides by employees — all in just the past five years – one might think that law enforcement might show some interest – especially since this employer – JPMorgan Chase – holds tens of billions of dollars of Bank-Owned Life Insurance (BOLI) on its workers. (This death benefit, by the way, pays tax-free to the corporation, not the employee’s family.)
But when it comes to JPMorgan Chase and law enforcement, there does not seem to be a morsel of curiosity over the continuing sudden deaths of its computer technology workers – no matter how high up the corporate ladder they rank or how many floors they are alleged to fall to their death.
Take the case of Douglas (Doug) Arthur Carucci, age 53, who died on Saturday, March 9 under what Sarah Butcher at eFinancial Careers calls “tragic” and unexpected circumstances. Carucci is believed to have been a resident of Manhattan with his wife, Cindy.
We called the New York City Police Department and were told they had no information in their database about the death of a Douglas Carucci in March 2019. We next emailed the New York City Medical Examiner’s office – which is mandated under law to investigate all deaths from accidents or sudden deaths. Aja Worthy-Davis, the Executive Director for Public Affairs of the Medical Examiner’s Office responded as follows:
“There is no OCME record of this individual (under the name shared). Please keep in mind that the OCME does not investigate (or keep records of) all deaths within the City of New York. The OCME is specifically responsible for investigating only NYC-based deaths occurring from criminal violence, by accident, by suicide, or in any unusual or suspicious manner.”
JPMorgan Chase’s media relations department refused to comment on where Carucci died or the circumstances surrounding his death. A spokesperson provided this statement: “Doug has been a part of CIB Technology since 2011 and has been a friend and mentor to many colleagues across the firm, and a greatly respected leader. He possessed a very rare combination of markets, analytics and technology knowledge, business acumen, and people leadership skills. Our hearts and thoughts are with his family.”
Based on internet postings, Carucci’s funeral was to be held at the Riverside Memorial Chapel in New York City on Friday, March 15. We confirmed by a telephone call to the Chapel that the funeral occurred. Mainstream business media, such as Reuters, Bloomberg News, the Wall Street Journal, Financial Times, etc. have yet to report on Carucci’s death, potentially because there has been a news blackout from official sources.
Friends close to Carucci are refusing to share what they know about his death, suggesting the details would be distressful to the family. However, someone apparently attempted to provide a benign reason for the death initially. eFinancial Careers initially reported that Carucci had died of a skiing accident; then retracted that statement.
According to Carucci’s LinkedIn profile, he was a Managing Director at the bank and employed there since June 2011. He shows the titles of Global Head of Currencies, Emerging Markets, and Commodities Technology and Global Head of FICC Electronic Trading Technology. According to the obituary posted by the family, Carucci was recently promoted to Global Head of Macro Technology.
A 2015 bio that Carucci provided for a talk he was giving at the Indian Institute of Technology in Bombay, India, described his career as follows:
“Head of CEM Electronic Trading Technology at JP Morgan Chase, covering FX [foreign exchange], Commodities, and Emerging Markets. Mr. Carucci is responsible for a global team of engineers developing low latency trading technology. He began his career on Wall Street developing options trading systems while in high school and in the AMEX options pits while attending college. He spent 10 years building proprietary trading systems for FX and Interest Rates derivatives on Wall Street. Mr. Carucci served as Managing Director and Partner at Citadel Investment Group in Chicago for 10 years where he led the architecture and development of analytics and risk management systems across all business lines. He launched Citadel’s European Options Market Making and High Frequency trading business in London. He joined Sun Trading LLC in 2009 as head of Volatility Trading and lead the firm’s Quantitative Research group. Mr. Carucci received his degree in Finance from Baruch, City University of New York.”
While there has been nearly a complete news blackout on Carucci’s death, he shared common links to two other high profile deaths of JPMorgan Chase computer executives which were widely covered by global media outlets. Carucci knew a great deal about JPMorgan Chase’s technology infrastructure – putting him in a rarefied category at the bank – and he had previously worked in London. Both of those traits were also present in Julian Knott and Gabriel McGee – men whom it is likely that Carucci knew and/or interacted with prior to their own “tragic” deaths.