ASIC permanently bans ex-Deutsche Bank trader
The Australian Securities and Investments Commission (ASIC) has permanently banned former Deutsche Bank FX options and futures trader, Andrew Donaldson, from providing financial services for making false entries into the company's records.
The regulator found that between 2013 and 2014, Donaldson made a significant number of false entries into Deutsche Bank's records, which helped offset trading losses he had suffered and increase his reported trading profits.
Additionally, his conduct led to a temporary overstatement of Deutsche Bank's internal Australian Management Accounting revenue of €28 million. However, ASIC noted that the entries were never executed in the market and no external parties were affected.
According to the regulator, Donaldson's actions provided evidence that he was "not of good fame and character".
ASIC commissioner, Cathie Armour, said: "The integrity of our financial markets is vitally important and ASIC will take action to remove anyone in the financial services industry who engages in conduct that undermines the integrity".
"This action is also a reminder to financial institutions to ensure that they have the right systems, people and processes in place to monitor trading conduct and detect and address trading discrepancies in a timely manner," she said.
Donaldson, who was a Deutsche Bank's employee between 2012 and 2014, has a right to apply to the Administrative Appeals Tribunal for a review of ASIC's banning order.
ASIC also confirmed that Deutsche Bank has assisted in its investigation.
AUTHOR
Oksana Patron
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
