This 20-Something Trader Outsmarted a Global Bank’s Risk System, And Cost Them $58 Million
The UK’s Financial Conduct Authority (FCA) has fined Macquarie Bank Limited’s (MBL) London branch £13 million ($16.4 million) for serious control failures that allowed a junior trader to conceal hundreds of fictitious trades over a 20-month period, resulting in losses of $57.8 million. Macquarie Fined £13 Million over Junior Trader’s Fictitious Deals The regulatory action…