Fed Wants $1.2M Fine, Ban For Ex-Barclays Forex Trader

Law360, New York (August 29, 2016, 3:00 PM ET) — Barclays PLC’s former global head of its foreign exchange spot business should be fined $1.2 million and banned from the banking industry after using chat rooms with competitors to manipulate the market, the Federal Reserve Board said Monday.

Christopher Ashton’s “personal dishonesty” and disregard for his employer constitute unsafe and unsound banking practices and a breach of fiduciary duty under the Federal Deposit Insurance Act, the board said in its notice. The London-based trader was fired in May 2015 for misconduct while the bank pled guilty to criminal…

Source: Law360

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