FCA bans ex-Deutsche trader over US Libor fraud

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The FCA has banned a former Deutsche Bank trader from the UK financial services industry following a criminal fraud conviction in the US.

On 8 October 2015, Michael Curtler pleaded guilty before the United States District Court for the Southern District of New York for his role in a conspiracy to manipulate Deutsche Bank’s US dollar Libor submissions.

The FCA found Curtler to be “lacking honesty and integrity”.

FCA director of enforcement and market oversight Mark Steward says: “Mr Curtler has admitted engaging in dishonest conduct in making USD Libor submissions. Dishonesty must disqualify him from UK financial services. Consequently, he must be prohibited.”

Curtler worked for DB between 1993 and December 2012.

Between 2000 and 2012 he traded a variety of financial instruments tied to US dollar Libor.

In doing so, the FCA says he understood his submissions should have only reflected the rate at which Deutsche Bank perceived it could borrow US dollars in the London interbank market.

Curtler received requests from Deutsche traders to alter his US dollar submissions.

These requests were made to benefit the trading positions of Deutsche and the individual traders.

He made alterations to the submissions consistent with these requests and also solicited requests from traders, changing his submissions accordingly.