UK:
Financial Conduct Authority Bans Former Trader From UK Financial Services Industry
12 August 2015
Shearman & Sterling LLP
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On July 30, 2015, the FCA announced that it had banned Lee
Stewart from the UK financial services industry. Mr. Stewart
pleaded guilty in March 2015 in the US to charges of attempting to
manipulate US Dollar LIBOR. He was formerly a trader at
Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. The FCA
found that Mr. Stewart had breached the Fit and Proper requirements
set out in its Handbook because he lacked integrity and honesty.
The ban, which took effect on July 21, 2015, prohibits Mr. Stewart
from carrying out any function in relation to any regulated
activity carried out by any authorized firm, exempt person or
exempt professional firm.
The final notice is available at:
http://www.fca.org.uk/static/documents/final-notices/lee-bruce-stewart.pdf.
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