Two Currency Traders Jailed in Singapore for Cheating Deutsche Bank and HSBC

[kreslik.news]

Two former currency traders from Deutsche Bank AG and HSBC Holdings have been sentenced to 15 weeks and 8 weeks’ jail, respectively, on charges of dishonest conduct through using their banks’ accounts in 2009 to get preferential rates. The two were convicted last month in unrelated cases before the Singapore High Court Justice See Kee Oon.

The traders transacted around $1.1 billion in false trades in 2009, using the names of family members to set up trading accounts, which were then used to cheat their respective banks. The aim was to artificially increase their currency trades, earning extra cash at the ... (read more)