The Financial Conduct Authority (FCA) has announced the suspension of the former Deutsche Bank trader, Michael Ross Curtler, in connection with the LIBOR rate-rigging scandal. According to the FCA’s official press release, the incriminated ex-worker can no longer provide services to the financial industry in the UK.
Mr. Curtler was found guilty by a New York court on October 8th 2015. The United States District Court stated that he was involved in the manipulation of Deutsche Banks’s US dollar LIBOR submission. Currently, the former trader awaits incarceration and faces a maximum prison sentence of 30 years. In addition, the court may force him to pay $1 million in compensation or the double value of any gains or losses incurred by others in connection with his activities.
Until now, the FCA imposed sanctions on eight independent companies associated with the LIBOR scandal. The total sum to date is 758.4 million pounds. Moreover, the British financial regulator has already suspended the licenses of Paul Robson and Lee Stewart, who also cannot provide services related to the financial industry.
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Mr. Curtler worked for Deutsche Bank for a period of nine years until December 2012. At that time, he had been trading on the wide range of financial instruments related to the USD LIBOR. According to the US court’s findings, he was involved in the manipulation of Deutsche Bank’s LIBOR submission, affecting trading positions. He did so on the request of Deutsche’s traders in order to multiply profits from occupied market positions.
According to Mark Steward, director of enforcement and market oversight at the FCA in a recent statement on the judgment: “Mr Curtler has admitted engaging in dishonest conduct in making USD LIBOR submissions. Dishonesty must disqualify him from UK financial services. Consequently, he must be prohibited.”
Finance Magnates recently reported that another major bank has paid $120 million in connection with the LIBOR-related settlements. This refers to Barclays, which also agreed to cooperate with the authorities and take part in the investigation aimed at detecting other financial institution involved in the rate-rigging practices.