LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
ASIC has banned Jeremy Kaviraj Nambiar, of St Ives, New South Wales, from providing financial services for eight years after an ASIC investigation found he created a series of fictitious trading entries and had created a false document.
In 2009 and 2010, Mr Nambiar was employed at Westpac Institutional Bank to trade on a range of financial products including foreign exchange and cross currency swaps on behalf of Westpac. ASIC’s investigation found that during his time at the bank Mr Nambiar entered more than 100 fictitious trading entries including off-market trades that created the false appearance of profit. It was found that some fictitious trading entries were created to conceal a loss of more than $1 million in AUD/USD spot foreign exchange.
As a result of Mr Nambiar’s conduct, approximately $17.6 million was written off the income statement of Westpac’s financial statements for the period ended 31 March 2011.
Mr Nambiar did not personally benefit from the trades. The trades were internal to Westpac and no customers were affected.
In 2010, Mr Nambiar started work at Nomura Australia Ltd as an associate in its fixed income division. It was found that in 2011 while employed at Nomura, Mr Nambiar created a false email purporting to be from an external broker containing broker quotes. It was found that the email was likely to mislead Nomura staff.
Commissioner Greg Tanzer said, ‘ASIC will continue to protect the public and maintain investor and consumer confidence by taking action against people in the industry who disregard their obligations.’
Mr Nambiar has the right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.