Former Deutsche Bank trader 'Gollum' fined over LIBOR manipulation ring

Adolph, a former short-term interest rates derivatives trader, is the latest in a series of traders punished for their role in a conspiracy to manipulate the London interbank offered rate (LIBOR), the global interest-rate benchmark.

Adolph has escaped the imprisonment imposed on some traders involved in the scandal, such as former UBS and Citigroup trader Tom Hayes, and received a 10% discount for agreeing to settle the claims.

Mark Steward, Director of Enforcement and Market Oversight at the FCA, said: "Mr Adolph improperly influenced several of Deutsche’s LIBOR submissions in disregard of standards governing LIBOR submissions. Mr Adolph’s misconduct threatened the integrity of important benchmarks. He should have no further role in the financial services industry."

Adolph was found to have made requests to Deutsche LIBOR submitters to make adjustments to benefit his trading positions between 25 July 2008 and 11 March 2011, to have taken his own trading positions into account when acting on behalf of Deutsche and agreed to take into account the requests of a trader at another bank.

Adolph laid the blame "firmly at the door of the bank," saying in an e-mailed statement that the bank had "specifically encouraged" the culture that has led to FCA sanctions.

US, UK and EU investigations into Deutsche Bank’s manipulation of rates related to LIBOR have led to Deutsche Bank being slapped with over $3.5bn in fines, disgorgements and lawsuit settlements.