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ASIC prosecutes former FX trader

Chris Hamblin, Editor, London, 7 February 2018

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Former Deutsche Bank FX options and futures trader Andrew Donaldson of New South Wales has been charged with 85 offences under s184(2) Corporations Act 2001 because he allegedly abused his position as an employee.

Donaldson's charges were first listed before Sydney's Downing Centre Local Court on 6 February, with the Australian Securities and Investments Commission pressing the charges.

ASIC alleges that between July 2013 and June 2014, Donaldson recorded false transactions and false fixed cashflows in Deutsche Bank's internal systems in relation to financial products, including US Treasury Note Futures. By making these false entries in Deutsche's records, Mr Donaldson falsely increased his reported trading profits and temporarily offset trading losses he had suffered.

The false entries related to trades purported to have been carried out by Mr Donaldson on behalf of Deutsche Bank. As the entries related to trades that were never executed in the market, no external parties were affected.

Donaldson did not enter a plea on this occasion and the matter was adjourned to 10 April 2018. ASIC banned him from providing financial services forever in September 2016.

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