Former RBS trader pleads guilty in U.S. to cheating customers

(Reuters) – A bond trader pleaded guilty on Wednesday to conspiring to defraud Royal Bank of Scotland Group Plc (>> Royal Bank of Scotland Group plc) customers by lying about the prices of bond transactions he handled for them in an effort to boost the bank’s profit.

Matthew Katke, 34, of New York, pleaded guilty to one count of conspiracy to commit securities fraud and will cooperate with prosecutors, U.S. Attorney Deirdre Daly in Connecticut said.

The plea came one year after a federal jury in New Haven, Connecticut in a similar case convicted former Jefferies Group Inc managing director Jesse Litvak for cheating his customers on prices of mortgage-backed securities.

Read on.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s