A former UBS banker has been banned from the UK financial services industry for conducting nearly $30bn in “unauthorised” trades and establishing an illegal investment vehicle for one of India’s largest companies.
A London tribunal yesterday upheld the Financial Services Authority’s imposition of a ban and £1.25m fine on Sachin Karpe, former head of UBS’s “Asia II” wealth management desk when it booked thousands of foreign exchange trades without client approval.
Laila Karan, a wealth adviser on the desk, was also banned and fined £75,000. UBS has fired both employees and paid clients $42m in compensation.
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