Fed Wants $1.2M Fine, Ban For Ex-Barclays Forex Trader

Law360, New York (August 29, 2016, 3:00 PM EDT) -- Barclays PLC's former global head of its foreign exchange spot business should be fined $1.2 million and banned from the banking industry after using chat rooms with competitors to manipulate the market, the Federal Reserve Board said Monday.

Christopher Ashton’s “personal dishonesty” and disregard for his employer constitute unsafe and unsound banking practices and a breach of fiduciary duty under the Federal Deposit Insurance Act, the board said in its notice. The London-based trader was fired in May 2015 for misconduct while the bank pled guilty to criminal antitrust violations.

“Ashton’s conduct showed a willful and continuing disregard for the safety and soundness...

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