FCA bans former Deutsche Bank trader for Libor-related fraud

The Financial Conduct Authority has banned former Deutsche Bank trader Michael Ross Curtler from the UK financial service industry following a criminal conviction for Libor-related fraud in the US.

The FCA said Curtler – who pleaded guilty before the US District Court for the Southern District of New York for his role in a conspiracy to manipulate Deutsche’s US dollar Libor submissions – lacked "honesty and integrity”.

Curtler was employed by Deutsche Bank between 1993 and 2012, and from 2000 to 2012 he traded a number of financial instruments tied to USD libor.

The FCA said that on occasion, Curtler made Deutsche’s USD Libor submissions.

"When he did so, he understood that those submissions were supposed to reflect only the rate at which Deutsche perceived it could borrow USDs in the London interbank market," the watchdog said.

Curtler received requests from Deutsche traders to alter his USD Libor submissions that were made to benefit the trading positions of Deutsche and the individual traders.

The FCA said Curtler made alterations to the USD Libor submissions consistent with these requests and solicited requests from traders and changed his USD Libor submissions accordingly.

“Mr Curtler has admitted engaging in dishonest conduct in making USD Libor submissions. Dishonesty must disqualify him from UK financial services. Consequently, he must be prohibited,” said Mark Steward, director of enforcement and market oversight at the FCA.