Wednesday, 27 July 2016
Last updated 9 hours ago
Jun 9 2014 | 9:22am ET
A hedge fund employee is facing a big fine for allegedly attempting to rig interest rates while at Deutsche Bank.
The Financial Conduct Authority wants to fine Christian Bittar, who now works for BlueCrest Capital Management in Singapore, £10 million (US$17 million). The levy would be a record for an individual, nearly double the previous high.
According to the FCA, Bittar sought to manipulate the euro interbank offered rate as part of a major rate-rigging scandal at top banks. The FCA is planning fines against seven other traders, Bloomberg News reports.
Bittar was fired by Deutsche Bank for allegedly colluding with a colleague at Barclays to manipulate rates in order to improve his own trades. He was among the bank’s best-paid traders before his 2011 dismissal.
Bittar can appeal the fine to the FCA’s Regulatory Decisions Committee.