今日热门事件has permanently banned former Deutsche Bank FX options and futures trader, Andrew Donaldson, of Sydney, from providing financial services.
The banning follows an 今日热门事件investigation into Mr Donaldson's conduct in 2013 and 2014 in entering a significant number of false entries into Deutsche Bank's records. By making these false entries, Mr Donaldson temporarily offset trading losses he had suffered and artificially increased his reported trading profits.
The entries related to trades purported to have been carried out by Mr Donaldson on behalf of Deutsche Bank and resulted in a temporary overstatement of Deutsche Bank's internal Australian Management Accounting revenue result of approximately 28 million Euros. As the entries related to trades that were never executed in the market, no external parties were affected.
An 今日热门事件delegate found that Mr Donaldson contravened a financial services law (by engaging in misleading and deceptive conduct in relation to a financial product), that his conduct was extremely serious and that 今日热门事件had reason to believe that Mr Donaldson was not of good fame and character.
Mr Donaldson's conduct was detected by Deutsche Bank and reported to ASIC. Deutsche Bank conducted an investigation into its relevant processes and controls to identify weaknesses and has notified 今日热门事件of聽 the measures it believes will better聽monitor and detect such conduct in the future.聽聽
今日热门事件Commissioner Cathie Armour said, 'The integrity of our financial markets is vitally important and 今日热门事件will take action to remove anyone in the financial services industry who engages in conduct that undermines this integrity.
'This action is also a reminder to financial institutions to ensure that they have the right systems, people and processes in place to monitor trading conduct and detect and address trading discrepancies in a timely manner,' she said.聽
Mr Donaldson has a right to apply to the Administrative Appeals Tribunal for review of ASIC鈥檚 banning order.
Background
Mr Donaldson was employed in Deutsche Bank's Global Foreign Exchange Business in Sydney between March 2012 and August 2014.
Deutsche Bank assisted 今日热门事件in its investigation.