Ex-Forex Traders Get Jail Time for Cheating Banks

(Bloomberg) Two former currency traders from Deutsche Bank AG and HSBC Holdings Plc were sentenced to jail terms of as long as 15 weeks for cheating the banks by making false trades. Former HSBC senior dealer Ivan Chng was sentenced to 15 weeks in jail, Singapore High Court Justice See Kee Oon said on Wednesday. Ex-Deutsche Bank trader Toh Hway Khuan was given an eight-week sentence. Neither man was fined.

The two were convicted in January of using their banks’ accounts in 2009 to get preferential rates on the dollar. Singapore is toughening up on enforcement in the financial industry, with the regulator setting up a new unit to boost surveillance. The city saw its first front-running case and the largest market-rigging prosecution in its history last year

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