The U.K.’s Financial Conduct Authority (FCA) announced that it banned Michael Ross Curtler, a former trader with Deutsche Bank AG, from the financial services industry in the U.K., “for lacking honesty and integrity following a criminal conviction for fraud in the U.S.”
Specifically, Curtler pled guilty in U.S. District Court last October in connection with a conspiracy to manipulate the bank’s LIBOR submissions. According to the FCA, Curtler altered the bank’s LIBOR submissions in response to requests from other traders designed to benefit their trading positions.
Curtler is the third trader banned by the FCA in connection with LIBOR manipulation. He is awaiting sentencing by the U.S. District Court for the Southern District of New York.
“Curtler has admitted engaging in dishonest conduct in making USD LIBOR submissions. Dishonesty must disqualify him from UK financial services. Consequently, he must be prohibited,” says Mark Steward, director of enforcement and market oversight with the FCA, in a statement.