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FCA bans former Deutsche Bank trader over LIBOR rigging

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  • 02/03/2016
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FCA bans former Deutsche Bank trader over LIBOR rigging
The Financial Conduct Authority (FCA) has banned Michael Ross Curtler, a former trader at Deutsche Bank AG, from working in UK financial services after being convicted for fraud in the US for LIBOR rigging.

Curtler pleaded guilty on 8 October in the US for his role in a conspiracy to manipulate Deutsche’s US Dollar (USD) LIBOR submissions.

Curtler was employed by Deutsche between 1993 and December 2012. During the period between 2000 and 2012 Curtler traded various financial instruments that were tied to USD LIBOR.

On occasions Curtler submitted Deutsche’s USD LIBOR entries. When doing so, he understood that those submissions were supposed to reflect only the rate at which Deutsche perceived it could borrow US Dollars in the London interbank market.

Curtler received and acted on requests from Deutsche traders to alter his USD LIBOR submissions. These requests were made to benefit the trading positions of Deutsche and the individual traders. Curtler also solicited these requests and changed his USD LIBOR submissions accordingly.

Mark Steward, director of enforcement and market oversight at the FCA, said: “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.”

 

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