Former FX trader faces charges

>Mr Donaldson has been charged after it was revealed that he was using his position as an FX trader for Deutsche Bank to gain an unfair advantage for himself and his trades.

According to ASIC, Mr Donaldson had falsified both cash flows and transactions concerning the financial products within the bank’s internal system from July 2013 to June 2014. This included US Treasury Note Futures.

The accused was able to falsely increase his reported trading profits due to these false entries and allowed him to offset his trading losses. Since the entries were in relation to trades not actually carried out within the market, no external parties were affected by Mr Donaldson’s offence.

This announcement follows after Mr Donaldson received a permanent ban from ASIC last September 2016 after contravening a financial services law. The case has been adjourned to 10 April 2018 since Mr Donaldson did not enter a plea.