Morgan Stanley derivatives trader lost $120 Mn. Fined £105k.
A former Morgan Stanley derivatives trader was banned from working in the Ciy today and fined £105,000 after he was judged to have deliberately concealed up to $120 million of losses last year.
The Financial Services Authority, the City watchdog, ruled that the proprietary trader, Matthew Sebastian Piper, was not “fit and proper” to work in the financial services industry and it also fined Morgan Stanley £1.4 million.
The American bank, which operates in Canary Wharf, failed to operate its controls …
A former Morgan Stanley derivatives trader was banned from working in the Ciy today and fined £105,000 after he was judged to have deliberately concealed up to $120 million of losses last year.
The Financial Services Authority, the City watchdog, ruled that the proprietary trader, Matthew Sebastian Piper, was not “fit and proper” to work in the financial services industry and it also fined Morgan Stanley £1.4 million.
The American bank, which operates in Canary Wharf, failed to operate its controls properly, failed to supervise Mr Piper’s books and failed to detect the problem as quickly as it should have done, the FSA found.
Because the bank and the trader co-operated with the FSA investigation, their fines were reduced from an initial £2 million and £150,000 respectively.
