A former Deutsche Bank trader has been banned from working in the UK's financial services industry following a criminal conviction for fraud in the US.
Michael Curtler pleaded guilty for his role in a conspiracy to manipulate Deutsche Bank's US dollar Libor submissions last October. He was the first Deutsche Bank trader charged in the US probe, although the US Justice Department had already secured a $2.5bn (£1.8bn) settlement with the lender prior to his plea.
Curtler worked at the bank between 1993 and December 2012, and for the last 12 years of his time there traded "a variety of financial instruments" that were tied to Libor, on occasion making Deutsche’s submissions.
He received requests to alter these submissions "to benefit the trading positions of Deutsche and the individual traders", and made alterations that were "consistent with these requests", the FCA said.
Curtler also solicited requests from traders and changed his submissions accordingly.
Mark Steward, director of enforcement and market oversight at the FCA, said: "Mr Curtler has admitted engaging in dishonest conduct in making USD Llibo submissions. Dishonesty must disqualify him from UK financial services. Consequently, he must be prohibited."
Curtler is still awaiting sentencing, where he faces a maximum period of imprisonment of 30 years and a fine of $1m or twice any gain or loss to others resulting from his offence. He could also be ordered to pay restitution.