Ex-Citi, Brevan Trader Tied To Rates Scandal Joins Element Capital

Mar 31 2014 | 11:42am ET

A former Citigroup trader linked to an interest-rate-rigging scandal has resurfaced at hedge fund Element Capital Management.

Christopher Cecere has joined the $4.4 billion New York-based firm, The Wall Street Journal reports. Cecere most recently worked at Brevan Howard Asset Management, leaving that hedge fund in June, more than a year after the Japanese Financial Services Agency accused him of attempting to manipulate the Tokyo interbank rate during his time at Citigroup.

Cecere denied the accusations and was not personally sanctioned for what the FSA called his “seriously unjust and malicious” behavior. The regulator, which fined Citi and banned it from trading several products for a short period, alleged that Cecere and another Citi trader, Tom Hayes, asked bankers to change data submitted during the setting of the rate.

Hayes has since been brought up on criminal charges in the U.K.

Cecere joined Brevan in 2010.


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