Andrew Donaldson fraudulently filed with Deutsche that he made profits of more than AU$31 million.
The Australian Securities and Investments Commission (ASIC) announced today that Andrew Donaldson, a former FX options and futures trader at Deutsche Bank in Australia, has been sentenced to 18 months imprisonment in the District Court in Sydney after pleading guilty to forging entries in the bank's internal financial records and systems.
Specifically, Donaldson pleaded guilty to one charge of dishonestly using his position with the intention of self-gain either directly or indirectly. Although he was sentenced to 18 months imprisonment, his sentence was fully suspended.
According to the statement from Australian regulator, Donaldson was released on his own recognizance with a condition of two years worth of good behavior. He must also pay a security sum of $10,000. As a result of his conviction, Donaldson is not permitted from managing corporations for five years until February of 2024.
The sentencing follows on from ASIC permanently banning Donaldson from providing financial services after: “finding that he had contravened a financial services law, that his conduct was extremely serious and that ASIC had reason to believe that Mr Donaldson was not of good fame and character.”
Donaldson Portrayed Large Trading Profits to Deutsche Bank
Between July 25, 2013, until June 25, 2014, Donaldson made a total of 85 false entries into Deutsche Bank's internal records when he was working with the firm as an FX, options, and futures trader based in Sydney.
In these fraudulent entries, Donaldson incorrectly portrayed to Deutsche Bank that he had made profits of more than AU$31 million ($21.95 million) from trading in financial products such as US Treasury Note Futures.
The self-gain that Donaldson was trying to achieve from his falsified entries was to increase his record profit and to cover up his actual trading losses. Furthermore, ASIC insinuates that by doing this, he would then have been able to potentially meet his annual revenue budget, which could lead to larger incentive Payments and a promotion.
Commenting on the misconduct, ASIC Commissioner Cathie Armour said: “Dishonest use of position in the financial services industry, in order to gain a personal advantage, threatens the integrity of our financial markets. ASIC will continue to take regulatory action to address this type of misconduct.”
The fraudulent entries that Donaldson submitted were fictitious and were never actually executed in the market. As a result, although he acted illegally, no external parties were affected by his actions.
The Australian Securities and Investments Commission (ASIC) announced today that Andrew Donaldson, a former FX options and futures trader at Deutsche Bank in Australia, has been sentenced to 18 months imprisonment in the District Court in Sydney after pleading guilty to forging entries in the bank's internal financial records and systems.
Specifically, Donaldson pleaded guilty to one charge of dishonestly using his position with the intention of self-gain either directly or indirectly. Although he was sentenced to 18 months imprisonment, his sentence was fully suspended.
According to the statement from Australian regulator, Donaldson was released on his own recognizance with a condition of two years worth of good behavior. He must also pay a security sum of $10,000. As a result of his conviction, Donaldson is not permitted from managing corporations for five years until February of 2024.
The sentencing follows on from ASIC permanently banning Donaldson from providing financial services after: “finding that he had contravened a financial services law, that his conduct was extremely serious and that ASIC had reason to believe that Mr Donaldson was not of good fame and character.”
Donaldson Portrayed Large Trading Profits to Deutsche Bank
Between July 25, 2013, until June 25, 2014, Donaldson made a total of 85 false entries into Deutsche Bank's internal records when he was working with the firm as an FX, options, and futures trader based in Sydney.
In these fraudulent entries, Donaldson incorrectly portrayed to Deutsche Bank that he had made profits of more than AU$31 million ($21.95 million) from trading in financial products such as US Treasury Note Futures.
The self-gain that Donaldson was trying to achieve from his falsified entries was to increase his record profit and to cover up his actual trading losses. Furthermore, ASIC insinuates that by doing this, he would then have been able to potentially meet his annual revenue budget, which could lead to larger incentive Payments and a promotion.
Commenting on the misconduct, ASIC Commissioner Cathie Armour said: “Dishonest use of position in the financial services industry, in order to gain a personal advantage, threatens the integrity of our financial markets. ASIC will continue to take regulatory action to address this type of misconduct.”
The fraudulent entries that Donaldson submitted were fictitious and were never actually executed in the market. As a result, although he acted illegally, no external parties were affected by his actions.
BGC Group Secures Backing from Global Banks for New $600M Trading Platform
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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