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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2024-11-26T19:59:00
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.
Between June 2020 and February 2022, Klein served on MBL’s London Metals and Bulk Trading Desk. During the relevant period, he was able to bypass three key internal controls to input more than 400 fake trades to hide his own losses, the FCA alleged.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
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Membership $599
One-year only, no auto-renewal.
2024-11-19T17:28:00Z By Neil Hodge
Companies spend huge sums on audit, risk management, and compliance to alert them about potential legal issues before they escalate into serious corporate governance failings. There’s only one problem, however–they often misread their own early warning signs or ignore them altogether.
2024-05-22T18:30:00Z By Aaron Nicodemus
The Financial Conduct Authority and Prudential Regulation Authority combined to fine a London-based Citigroup subsidiary approximately £61.7 million (U.S. $78.6 million) for control failures related to its trading system.
2024-02-01T18:32:00Z By Jeff Dale
The Office of the Comptroller of the Currency levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
2024-12-06T17:31:00Z By Aaron Nicodemus
A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice to settle allegations that it bribed officials in South Africa to win consulting contracts.
2024-12-06T12:45:00Z By Jaclyn Jaeger
A defamation lawsuit filed by a whistleblower against USAA, which a Florida judge recently dismissed on a technicality, revealed in public court records an estimated 400,000 violations of the Military Lending Act by USAA Federal Savings Bank (USAA Bank), an indirect wholly owned subsidiary of USAA.
2024-12-03T21:32:00Z By Aaron Nicodemus
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.
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