ASIC bans former Westpac trader

ASIC/westpac/compliance/administrative-appeals-tribunal/australian-securities-and-investments-commission/

21 May 2014
| By Staff |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has banned a trader employed at Westpac Institutional Bank after he was found to have created fictitious trading entries and created a false document between 2009 and 2010. 

Jeremy Kaviraj Nambiar, from St Ives, was hired to trade on financial products including foreign exchange and cross currency swaps on behalf of Westpac. 

But the regulator found he entered more than 100 fictitious trading entries, including off-market trades that built a faÁade of profit.    

Investigations found some of the fictitious entries were created to cover up a loss of more than $1 million in AUD/USD spot foreign exchange. 

As a consequence of Nambiar’s actions, around $17.6 million was written off the income statement of Westpac’s financial statements for the period ending 31 March 2011. 

Nambiar did not personally gain from the trades as they were internal to Westpac. No customers were affected. 

Nambiar worked in the fixed income division of investment bank Nomura Australia between 2010 and 2011. In 2011, he created a false e-mail claiming to be from an external broker containing broker quotes. 

It was found the e-mail could mislead Nomura staff. 

Nomura can appeal to the Administrative Appeals Tribunal to review ASIC’s decision.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND