The U.K. Financial Conduct Authority (FCA) fined the London branch of Australian-based Macquarie Bank Limited (MBL) more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.
The trader, Travis Klein, was banned from the financial services industry for acting dishonestly and without integrity, the FCA said in a press release Tuesday. Klein, a relatively junior trader, would have been fined £72,000 (U.S. $90,277), but his application for financial hardship was accepted, the agency noted.
