- 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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