SINGAPORE - A former foreign-exchange trader from Deutsche Bank AG admitted that he cheated the bank by making false trades.
Toh Hway Khuan, 51, pleaded guilty on Wednesday to 13 charges relating to using the bank's account to get preferential rates on the US dollar in November 2009.
The former spot trader was charged in 2015 with 39 counts where he's accused of buying and selling more than US$250 million and unlawfully making about S$140,000. He faces as long as seven years in prison and a fine for each charge.
Prosecutor Muhamad Imaduddin sought a three-month jail term to deter those in the financial industry from making personal gains through deceitful means.
Toh failed to disclose his beneficial ownership in the trades, and his offenses were difficult to detect, the prosecutor told the Singapore High Court. - BLOOMBERG
Toh Hway Khuan, 51, pleaded guilty on Wednesday to 13 charges relating to using the bank's account to get preferential rates on the US dollar in November 2009.
The former spot trader was charged in 2015 with 39 counts where he's accused of buying and selling more than US$250 million and unlawfully making about S$140,000. He faces as long as seven years in prison and a fine for each charge.
Prosecutor Muhamad Imaduddin sought a three-month jail term to deter those in the financial industry from making personal gains through deceitful means.
Toh failed to disclose his beneficial ownership in the trades, and his offenses were difficult to detect, the prosecutor told the Singapore High Court. - BLOOMBERG
