Ex-Citibank Trader Pleads Guilty In Fraud Scheme

Law360, New York (September 26, 2006, 12:00 AM EDT) -- A former head of the commodities trading desk at Citibank N.A. pled guilty on Tuesday for his role in a scheme to inflate trading profits by $20 million.

David Becker pled guilty to a single count of conspiracy to falsify bank records and commit wire fraud, a crime punishable by up to five years in prison and a fine of $250,000.

Sentencing in the case is scheduled for January 26.

Prosecutors in the case accused Becker and a coconspirator whose identity remains confidential of overstating financial...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.