FCA bans former Rabobank trader

30 July 2015

Mr. Lee Stewart, a former trader at Rabobank has been banned by The Financial Conduct Authority for lacking honesty and integrity following a criminal conviction for fraud in the USA.

In March 2015 Mr. Stewart pleaded guilty in the USA for his role in conspiracy to manupilate Rabobank’s US dollar LIBOR submissions. This action follows the recent ban of Paul Robson, another trader at Rabobank.

Georgina Philippou (see photo), acting director of enforcement and market oversight at the FCA, said: “Mr. Stewart was an experienced trader at Rabobank who, through his guilty plea, has admitted to participating in a criminal conspiracy to manipulate Libor over a prolonged period of time. His behaviour was inexcusable and very serious. This ban further reinforces our expectation that individuals and firms take responsibility for ensuring market integrity and reminds them of the consequences if they fall short of our standards.”

To date the FCA has issued 14 warning notions related to intrest rate benchmarks and continuous wider investigations into individuals’ conduct in relation to LIBOR misconduct.

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