ASIC permanently bans former Deutsche Bank FX trader
Donaldson's conduct was detected by Deutsche Bank and reported to ASIC.
The entries related to trades purported to have been carried out by Donaldson on behalf of Deutsche Bank and resulted in a temporary overstatement of Deutsche Bank's internal Australian Management Accounting revenue result of approximately 28 million Euros.
As the entries related to trades that were never executed in the market, no external parties were affected.
An ASIC delegate found that Donaldson contravened a financial services law (by engaging in misleading and deceptive conduct in relation to a financial product), that his conduct was extremely serious and that ASIC had reason to believe that Donaldson was not of good fame and character.
Donaldson's conduct was detected by Deutsche Bank and reported to ASIC. Deutsche Bank conducted an investigation into its relevant processes and controls to identify weaknesses and has notified ASIC of the measures it believes will better monitor and detect such conduct in the future.
Donaldson has a right to apply to the Administrative Appeals Tribunal for review of ASIC’s banning order. ■