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The Guardian

FCA fines Macquarie Bank £13m for fictitious trades amid ‘serious failings’

The Guardian on
FCA fines Macquarie Bank £13m for fictitious trades amid ‘serious failings’



Trader was able to record more than 400 fictitious trades over a period of 20 months, says watchdogBusiness live – latest updatesMacquarie Bank’s London branch has been fined £13m by the UK’s financial watchdog for “serious failings” that allowed one of its junior traders to record more than 400 fictitious trades over a period of 20 months.The Financial Conduct Authority said that Travis Klein, a trader based on the Australian investment bank’s London metals and bulks trading desk from August 2017, had concealed the fictitious trades in a bid to hide his trading losses between June 2020 and February 2022. Continue reading…



Source link : https://www.theguardian.com/business/2024/nov/26/fca-fines-macquarie-bank-trades

Author : Julia Kollewe

Publish date : 2024-11-26 12:40:56

Copyright for syndicated content belongs to the linked Source.

Tags : The Guardian

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