UK's FCA fines Macquarie Bank £13M for internal failures that let a trader hide losses via fake trades.

The UK's Financial Conduct Authority (FCA) fined Macquarie Bank £13 million due to internal control failures that enabled a junior trader to record over 400 fake trades to conceal losses between 2020 and 2022, costing the bank $57.8 million. The trader, Travis Klein, was banned from the financial industry. Macquarie self-reported the incident and has since worked to improve its systems and controls.

November 26, 2024
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