Britain’s financial regulator banned former Deutsche Bank trader Michael Ross Curtler from the UK financial services industry for admitting to fraudulent LIBOR submissions.
LIBOR — or the London interbank offered rate — is the daily measure meant to show the rate at which banks will lend to each other and is used to set the price of hundreds of trillions of dollars worth of financial products.
The Financial Conduct Authority said in a statement today that Curtler was banned “for lacking honesty and integrity following a criminal conviction for fraud in the US” after pleading guilty to charges last year.
Curtler was employed by Deutsche between 1993 and December 2012. The FCA said that when Curtler traded a variety of financial instruments that were tied to USD LIBOR between 2000 and 2012, he “received requests from Deutsche traders to alter his USD LIBOR submissions.”
In other words, he was asked to manipulate the numbers in order to directly benefit traders and himself.
The FCA confirmed this in the statement and said “these requests were made to benefit the trading positions of Deutsche and the individual traders. Mr Curtler made alterations to the USD LIBOR submissions consistent with these requests. Mr Curtler also solicited requests from traders and changed his USD LIBOR submissions accordingly.”
As a result, Curtler is banned from the industry.
Meanwhile, at the end of January in Britain, five brokers accused of helping Tom Hayes, the former trader that was called the “ringmaster” behind the LIBOR fixing scandal, were found not guilty.
The former ICAP brokers Colin Goodman, and Danny Wilkinson, ex-brokers from RP Martin Terry Farr and James Gilmour and Noel Cryan of Tullett Prebon all faced the jury in Southwark Crown Court in London.
The trial of the brokers lasted 15 weeks, but the jury was out for less than a day before revealing the verdicts.