(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
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
©2024 Bloomberg L.P.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.