FCA bans former Rabobank trader, Lee Stewart, following LIBOR fraud

The Financial Conduct Authority (FCA) has banned Lee Stewart, a former trader at Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank) from the UK financial services industry for lacking honesty and integrity following a criminal conviction for fraud in the US. In March 2015 Mr Stewart pleaded guilty in the US for his role in a conspiracy to manipulate Rabobank’s US Dollar LIBOR submissions.

This action follows the recent ban of Paul Robson, another trader at Rabobank. To date the FCA has issued 14 warning notices related to interest rate benchmarks, and continues wider investigations into individuals’ conduct in relation to LIBOR misconduct.  

Georgina Philippou, acting director of enforcement and market oversight at the FCA, said:

"Mr Stewart was an experienced trader at Rabobank who, through his guilty plea, has admitted to participating in a criminal conspiracy to manipulate Libor over a prolonged period of time. His behaviour was inexcusable and very serious. This ban further 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."

Today’s ban comes ahead of US sentencing in 2017 and reflects the FCA’s commitment to protect the integrity of the UK financial system.  

Notes to editors

  1. Final Notice 2015: Lee Bruce Stewart
  2. Further information on Lee Stewart’s US conviction.
  3. The FCA has imposed 8 fines, totalling £653.6 million, on firms for misconduct relating to LIBOR; 14 warning notices have been issued to individuals for misconduct relating to interest rate benchmarks .
  4. 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). On 1 April 2014, the FCA took over responsibility for consumer credit regulation.
  5. 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.
  6. Find out more information about the FCA.