Switzerland’s financial regulator banned six former UBS employees from working in the industry for as long as five years, making them the first individuals punished in the global currency-rigging scandal.
Bloomberg News reports that the former managers and traders were “directly responsible for serious breaches of regulation at UBS,” Finma said in a statement Thursday, without disclosing any names. Proceedings against four other UBS currency traders were dropped in August after they were given "reprimands," and one other case is continuing, the regulator said.
'Those responsible for the management of foreign exchange trading tolerated, and at times encouraged, behavior which was improper and against the interests of clients', the Swiss regulator said.
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