Former Rabobank trader Paul Robson has been banned from working in the UK financial services industry after a criminal conviction in the US for manipulating the London Interbank Offered Rate (LIBOR).
Robson, 45, was a former trader at Cooperative Centrale Raiffeisen-Boerenleenbank (Rabobank) and was today banned by the UK’s Financial Conduct Authority.
It comes after he pleaded guilty in 2014 to a charge brought by the US Department of Justice to conspire to manipulate Rabobank’s Yen Libor submissions to benefit trading positions.
The conviction led the FCA to believe that Robson lacks the necessary integrity to pass its ‘fit and proper’ persons test.
It is the FCA’s first public action against a trader for manipulating LIBOR submissions.
Today’s announcement comes after seven fines totalling some £426 million for misconduct relating to LIBOR and follows bans for two senior executives for compliance failures.
Georgina Philippou, acting director of enforcement and market oversight at the FCA, said: “No excuse can be made for Mr Robson’s behaviour, which was particularly serious. He was the primary submitter of Yen LIBOR at Rabobank for a number of years and experienced in the market.
“He knew what he was doing was wrong. This ban 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.”
The FCA ban comes ahead of sentencing in the US, which is due to take place in 2017 due to ongoing legal work in other areas.
A spokesman for Rabobank said the organisation would be making no further comment on today’s announcement.
The TRADE was unable to reach Paul Robson for comment.