The Financial Conduct Authority (FCA) has banned ex-Deutsche Bank trader Michael Ross Curtler from working in the UK's financial services sector. The watchdog said Curtler lacked honesty and integrity and could therefore not return to the City.
In October 2015, Curtler pleaded guilty in the US to charges of conspiracy to commit wire fraud and bank fraud by manipulating the London Interbank Offered Rate (Libor). The former senior Deutsche Bank trader, 43, told a Manhattan court he was guilty of rigging the rate between 2003 and 2011.
"Mr Curtler has admitted engaging in dishonest conduct in making USD LIBOR submissions. Dishonesty must disqualify him from UK financial services. Consequently, he must be prohibited," said Mark Steward, enforcement director at the regulator.
Deutsche Bank declined to comment to IBTimes UK, saying it is an individual matter. The senior trader worked at the German lender from 1993 to December 2012. The bank has put aside a total of $2.5bn for Libor settlements.
After the trial in Manhattan, US authorities said Deutsche Bank failed to cooperate properly, slowing down the conviction process of Curtler.
Curtler, a UK-born trader who worked at Deutsche Bank's foreign exchange department, was the first former Deutsche Bank employee to be charged over the Libor scandal. He faces a prison sentence of up to 30 years for his misconduct at the German lender.