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Author Topic: UK Broker fined over 8 million for printing fake trades to clients  (Read 654 times)

eddieb

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Re: UK Broker fined over 8 million for printing fake trades to clients
« Reply #1 on: November 24, 2020, 09:08:56 AM »

I'm disappointed that they werent stripped of their licence, its not like it only happened once.
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Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

PipMeHappy

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Re: UK Broker fined over 8 million for printing fake trades to clients
« Reply #2 on: November 24, 2020, 11:29:58 AM »

I'm disappointed that they werent stripped of their licence, its not like it only happened once.

If you listen to the Dan David interview https://www.notthenoobs.com/index.php/topic,200.0.html
he makes that very point, that if you or I or the ordinary member of the public (like in the Narvinder Singh story)
broke some rule as a trader, they would be criminally prosecuted, however in the case of banks or large firms
there is never a single person prosecuted and usually they get away with fines.

One notable exception was in the aftermath of the GFC of 2008, where according to the FT (in this 2018 article
https://ig.ft.com/jailed-bankers/) 57 bankers were jailed, though interestingly only one in the US and 25(!!) in Iceland alone.

Personal accountability for white collar, financial crimes is very important in large firms, though jail should always be
the last resort.

PipMe
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