Andrew Donaldson fraudulently filed with Deutsche that he made profits of more than AU$31 million.
The Australian Securities and Investments Commission (ASIC) announced today that Andrew Donaldson, a former FX options and futures trader at Deutsche Bank in Australia, has been sentenced to 18 months imprisonment in the District Court in Sydney after pleading guilty to forging entries in the bank's internal financial records and systems.
Specifically, Donaldson pleaded guilty to one charge of dishonestly using his position with the intention of self-gain either directly or indirectly. Although he was sentenced to 18 months imprisonment, his sentence was fully suspended.
According to the statement from Australian regulator, Donaldson was released on his own recognizance with a condition of two years worth of good behavior. He must also pay a security sum of $10,000. As a result of his conviction, Donaldson is not permitted from managing corporations for five years until February of 2024.
The sentencing follows on from ASIC permanently banning Donaldson from providing financial services after: “finding that he had contravened a financial services law, that his conduct was extremely serious and that ASIC had reason to believe that Mr Donaldson was not of good fame and character.”
Donaldson Portrayed Large Trading Profits to Deutsche Bank
Between July 25, 2013, until June 25, 2014, Donaldson made a total of 85 false entries into Deutsche Bank's internal records when he was working with the firm as an FX, options, and futures trader based in Sydney.
In these fraudulent entries, Donaldson incorrectly portrayed to Deutsche Bank that he had made profits of more than AU$31 million ($21.95 million) from trading in financial products such as US Treasury Note Futures.
The self-gain that Donaldson was trying to achieve from his falsified entries was to increase his record profit and to cover up his actual trading losses. Furthermore, ASIC insinuates that by doing this, he would then have been able to potentially meet his annual revenue budget, which could lead to larger incentive Payments and a promotion.
Commenting on the misconduct, ASIC Commissioner Cathie Armour said: “Dishonest use of position in the financial services industry, in order to gain a personal advantage, threatens the integrity of our financial markets. ASIC will continue to take regulatory action to address this type of misconduct.”
The fraudulent entries that Donaldson submitted were fictitious and were never actually executed in the market. As a result, although he acted illegally, no external parties were affected by his actions.
The Australian Securities and Investments Commission (ASIC) announced today that Andrew Donaldson, a former FX options and futures trader at Deutsche Bank in Australia, has been sentenced to 18 months imprisonment in the District Court in Sydney after pleading guilty to forging entries in the bank's internal financial records and systems.
Specifically, Donaldson pleaded guilty to one charge of dishonestly using his position with the intention of self-gain either directly or indirectly. Although he was sentenced to 18 months imprisonment, his sentence was fully suspended.
According to the statement from Australian regulator, Donaldson was released on his own recognizance with a condition of two years worth of good behavior. He must also pay a security sum of $10,000. As a result of his conviction, Donaldson is not permitted from managing corporations for five years until February of 2024.
The sentencing follows on from ASIC permanently banning Donaldson from providing financial services after: “finding that he had contravened a financial services law, that his conduct was extremely serious and that ASIC had reason to believe that Mr Donaldson was not of good fame and character.”
Donaldson Portrayed Large Trading Profits to Deutsche Bank
Between July 25, 2013, until June 25, 2014, Donaldson made a total of 85 false entries into Deutsche Bank's internal records when he was working with the firm as an FX, options, and futures trader based in Sydney.
In these fraudulent entries, Donaldson incorrectly portrayed to Deutsche Bank that he had made profits of more than AU$31 million ($21.95 million) from trading in financial products such as US Treasury Note Futures.
The self-gain that Donaldson was trying to achieve from his falsified entries was to increase his record profit and to cover up his actual trading losses. Furthermore, ASIC insinuates that by doing this, he would then have been able to potentially meet his annual revenue budget, which could lead to larger incentive Payments and a promotion.
Commenting on the misconduct, ASIC Commissioner Cathie Armour said: “Dishonest use of position in the financial services industry, in order to gain a personal advantage, threatens the integrity of our financial markets. ASIC will continue to take regulatory action to address this type of misconduct.”
The fraudulent entries that Donaldson submitted were fictitious and were never actually executed in the market. As a result, although he acted illegally, no external parties were affected by his actions.
Forex Trading at Cboe Falls Below $45 Billion Daily Mark
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
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Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24