FCA: Final Notices: Macquarie Bank Limited - London Branch/Travis Klein

FCA has fined the firm £13,031,400 for serious failings that allowed Travis Klein, one of its traders, to record over 400 fictitious trades in a period of over 20 months.  The fictitious trades were not detected earlier because of significant weaknesses in the firm’s systems and controls, some of which the firm had been previously made aware of and failed to act upon.  The individual has been issued with a prohibition order, and would have been fined £72,000 if his application for serious financial hardship had not been successful.