Former Deutsche Bank trader banned for Libor fixing

GavelThe Libor scandal has seen the UK financial regulator ban a former Deutsche Bank trader from working in financial services.

Michael Ross Curtler has been banned by the Financial Conduct Authority (FCA) from working in UK financial services for “lacking honesty and integrity” following a criminal conviction for fraud in the US, where he currently faces a maximum of 30 years in jail.

In October last year Curtler pleaded guilty in a New York court for his role in a conspiracy to manipulate Deutsche’s US dollar Libor submissions.

Deutsche employed Curtler between 1993 and December 2012. Between 2000 and 2012,
on occasions, Curtler submitted Deutsche’s US dollar Libor submissions and understood that those submissions were supposed to reflect only the rate at which Deutsche perceived it could borrow dollars in the London interbank market, the FCA said.

But Curtler received requests from Deutsche traders to alter his submissions and these requests were made to benefit the trading positions of Deutsche and the individual traders.

He also solicited requests from traders and changed his submissions accordingly.

Cutler also faces a $1 million (€919,000) fine in the US as well as imprisonment.

The FCA has imposed eight fines that total £758.4 million (€972.7 million) on firms for misconduct relating to Libor.

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