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Watchdog bans Libor-rigging trader from financial sector

By Ben Wood

Published 03/03/2016

Scandal: Deutsche Bank
Scandal: Deutsche Bank

A former Deutsche Bank trader who pleaded guilty to conspiring to manipulate the Libor rate has been banned from the UK financial services industry.

Michael Ross Curtler was convicted for Libor-related fraud in the US for receiving requests from Deutsche traders to change his US dollar submissions.

The Financial Conduct Authority (FCA) said it enforced the ban following the criminal conviction because Mr Curtler lacked "honesty and integrity".

The London interbank offered rate - or Libor - is a short-term rate that banks charge each other for loans.

The rate, which is calculated on submissions by a panel of banks, underpins hundreds of trillions of dollars of financial products across the globe, from mortgages to credit card loans.

Mark Steward, the FCA's director of enforcement for market oversight, welcomed the ban.

"Mr Curtler has admitted engaging in dishonest conduct in making US dollar Libor submissions," he said.

"Dishonesty must disqualify him from UK financial services. Consequently, he must be prohibited."

Mr Curtler was employed by Deutsche Bank between 1993 and December 2012.

He pleaded guilty to conspiracy in a Manhattan federal court in October 2015 for participating in a scheme to manipulate Libor, which was tied to the profitability of trades in which he and others had a financial interest.

Mr Curtler is awaiting sentencing by the US courts, facing a maximum jail term of 30 years. He could also be hit with a maximum fine of $1m (£715,000), or twice any gain or loss of others resulting from the offence.

Belfast Telegraph

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