Fed sanctions former Barclays trader for alleged abuse

Reuters

WASHINGTON (Reuters) - The Federal Reserve on Friday said it was seeking to permanently bar a former Barclays Bank employee from the banking business for allegedly manipulating foreign exchange trades.

 

The Fed sought to bar Peter Little from the industry and fine him $487,500 for allegedly using chatrooms to wrongly coordinate trades.

 

The action follows a Fed action in May 2015 when officials fined Barclays $342 million for unsafe and unsound practices related to foreign exchange markets.

 

Little could not be immediately reached for comment.

 

(Reporting By Patrick RuckerEditing by Chizu Nomiyama)

 
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