The U.S. Federal Reserve banned former UBS trader Matthew Gardiner from the banking industry for life for rigging currency benchmarks, the first U.S. penalty against an individual in the three-year investigation.
Bloomberg News reports that Gardiner used electronic chat rooms to facilitate the manipulation of foreign exchange benchmarks and to disclose confidential customer information to traders at other banks, the Fed said in a statement Tuesday.
Gardiner has been helping U.S. prosecutors who are trying to build currency-rigging cases against individuals, two people familiar with the matter told Bloomberg News in April. He hasn’t been publicly charged and it isn’t clear if he has been granted immunity for cooperation. A lawyer for Gardiner didn’t immediately respond to an e-mail seeking comment.
Bloomberg reported in April that U.S. officials were on track to charge individuals over currency-rate manipulation as soon as this summer.
To access the complete Bloomberg News article hit the link below: