As the criminal investigations of the foreign exchange rigging scandal kicks off, a Westminster Magistrates’ Court hearing held in December has revealed the name of a Royal Bank of Scotland (RBS) trader, who according to sources was arrested just as he was preparing to leave the U.K.
In a Reuters report, the name Paul Nash was connected to an application for immigration to Canada, and allegedly, the arrest happened just days before Mr. Nash was preparing to leave the country.
While RBS revealed in an official announcement last month that six employees had been placed into a disciplinary process, of whom three have been suspended, it also stated that a number of employees are still being assessed in relation to their connection to forex markets rigging.
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Mr. Nash was a British pound forex trader at the RBS and was suspended in the beginning of the investigation process in October last year.
As part of a settlement procedure involving a number of banks which allegedly engaged in foreign exchange rates rigging, RBS parted with $634 million last November after paying fines to US and UK financial regulators.
According to the court records, Mr. Nash wasn’t charged, and was arrested by authorities on suspicion of fraud by abuse of position.
A statement by the U.K. Serious Fraud Office highlights, “We can confirm that a 48-year-old man appeared before Westminster Magistrates’ Court (on 23 December) in relation to the SFO’s ongoing Forex investigation. He remains on police bail in relation to this matter.”