(Bloomberg) -- UK authorities fined Macquarie Bank Ltd.’s British unit £13 million ($16.3 million) after a London trader on the firm’s metals desk was able to book fictitious trades to conceal their losses for almost two years.

Most Read from Bloomberg

• New York City’s ‘Living Breakwaters’ Brace for Stormier Seas
• In Kansas City, a First-Ever Stadium Designed for Women’s Sports Takes the Field
• NYC's Underground Steam System May Be Key to a Greener Future
• NYC Gets Historic Push for 80,000 Homes With $5 Billion Pledge

Macquarie itself lost $57.8 million after unwinding the positions, the Financial Conduct Authority said Tuesday. The trades had been recorded between June 2020 and February 2022, the FCA said. 

Macquarie agreed to resolve the matter and qualified for a 30% discount on the fine, the FCA said, adding that it has banned the trader from the financial services industry. 

“The unauthorised trading was isolated to one individual. The unauthorised trading did not affect clients, or the market, and no financial benefit or gain was derived by Macquarie or any other party directly from the activity,” the bank said in a statement. 

Most Read from Bloomberg Businessweek

• What Happens When US Hospitals Go Big on Nurse Practitioners
• Why the Flying Experience Feels So Much Worse
• The Charm Bracelet Shop That Keeps Going Viral
• Clear’s Dominance in Airports Could Be Coming to an End
• An Airline’s Florida Resort Dreams Look More Like a Nightmare

©2024 Bloomberg L.P.