RBS FX trader Paul Nash arrested in Forex rigging probe

In December, the RBS FX trader who was arrested in connection to the Fx probe by the serious Fraud Office has been identified as Paul Nash, a pound spot trader suspended by RBS in October 2013. He holds an infamous record as the first person in the world to be arrested by authorities as part of an ongoing probe into whether the world’s largest financial markets was rigged.

rbs (1)A Westminster Magistrates’ Court hearing held in December revealed Paul Nash. He is alleged to have planned to leave the UK for Canada a few days before he was arrested. According to the court records, Mr. Nash  appeared at Westminster Magistrates' Court on Dec. 23 but has not been charged haven been arrested by authorities on suspicion of fraud by abuse of position with issues arising over variations to his bail conditions, a court official confirmed. This included that he would reside at a specified address in British Columbia.

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Late last year, RBS confirmed that six FX traders involved in the currency manipulation case were to face internal disciplinary action, with three of the six already under suspension and 18 bankers are to be exempted from bonus payments until the investigations are completed.

The Fx manipulation case was taken very seriously by various regulators, with George Osbourne Chancellor of the Exchequer declaring that the case will be taken up as a criminal offense. The RBS settled fines with the three regulators for $634 million as one of the six banks fined a combined $4.3 billion by regulators last November for failing to stop traders trying to manipulate $5 trillion currency a day markets.

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