FCA bans former Deutsche Bank trader, Michael Ross Curtler, following LIBOR fraud

The Financial Conduct Authority (FCA) has banned Michael Ross Curtler, a former trader at Deutsche Bank AG, from the UK financial services industry for lacking honesty and integrity following a criminal conviction for fraud in the US.

On 8 October 2015 Mr Curtler pleaded guilty before the United States District Court for the Southern District of New York for his role in a conspiracy to manipulate Deutsche’s US Dollar LIBOR submissions.

Mark Steward, director of enforcement and market oversight at the FCA, said:

'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.' 

Mr Curtler was employed by Deutsche between 1993 and December 2012. During the period between 2000 and 2012 Mr Curtler traded a variety of financial instruments that were tied to USD LIBOR. On occasions Mr Curtler submitted Deutsche’s USD LIBOR submissions. When he did so, he understood that those submissions were supposed to reflect only the rate at which Deutsche perceived it could borrow USDs in the London interbank market.

Mr Curtler received requests from Deutsche traders to alter his USD LIBOR submissions. These requests were made to benefit the trading positions of Deutsche and the individual traders. Mr Curtler made alterations to the USD LIBOR submissions consistent with these requests. Mr Curtler also solicited requests from traders and changed his USD LIBOR submissions accordingly.

Notes to editors

  1. Final notice: Michael Ross Curtler
  2. Further information on Curtler’s US conviction.
  3. The FCA has imposed eight fines, totalling £758.4 million, on firms for misconduct relating to LIBOR. Lee Stewart and Paul Robson have previously been banned by the FCA for manipulating LIBOR.
  4. Mr Curtler is awaiting sentencing by the United States District Court for the Southern District of New York where he faces a maximum period of imprisonment of 30 years.  In addition he faces a maximum fine of $1 million or twice any gain or loss to others resulting from his offence. He could also be ordered to pay restitution.   
  5. On 1 April 2013 the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA)
  6. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers, to protect and enhance the integrity of the UK financial system, and to promote effective competition in the interests of consumers
  7. Find out more information about the FCA