FCA fines Macquarie Bank £13m for fictitious trades amid ‘serious failings’
by Julia Kollewe from World news | The Guardian on (#6SGJ5)
Trader was able to record more than 400 fictitious trades over a period of 20 months, says watchdog
Macquarie 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.
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