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18-032MR Charges laid against former FX trader
Former Deutsche Bank FX options and futures trader, Andrew Donaldson, of Bronte NSW, has been charged with 85 offences under s184(2) of the Corporations Act 2001 in respect of using his position as an employee dishonestly with the intention of directly or indirectly gaining an advantage for himself. Mr Donaldson's charges were first listed before Sydney's Downing Centre Local Court on 6 February 2018.
ASIC alleges that between July 2013 and June 2014, Mr Donaldson recorded false transactions and false fixed cashflows in Deutsche Bank's internal systems in relation to financial products, including US Treasury Note Futures. By making these false entries in Deutsche's records, Mr Donaldson falsely increased his reported trading profits and temporarily offset trading losses he had suffered.
The false entries related to trades purported to have been carried out by Mr Donaldson on behalf of Deutsche Bank. As the entries related to trades that were never executed in the market, no external parties were affected.
Mr Donaldson did not enter a plea on this occasion and the matter was adjourned to 10 April 2018.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
In September 2016, ASIC permanently banned Mr Donaldson from providing financial services, after an ASIC delegate found that he had engaged in serious conduct by contravening a financial services law (that is, engaging in misleading and deceptive conduct in relation to a financial product), and Mr Donaldson was not of good fame and character. (refer: 16-332MR)
On 10 April 2018 at the Downing Centre Local Court in Sydney, the matter was adjourned to 5 June 2018 for further mention.
Editor's note 2:
On 5 June 2018 Mr Donaldson's matter was adjourned to 3 July 2018 for further mention.
Editor's note 3:
On 3 July 2018, the matter was adjourned to 24 July 2018 for further mention.
Editor's note 4:
On 24 July 2018, the matter was adjourned to 31 July 2018 for further mention.
Editor's note 5:
The matter is to be mentioned on 3 August 2018.
Editor's note 6:
On 3 August 2018, Mr Donaldson pleaded of guilty to one count of s184(2) of the Corporations Act in respect of using his position as an employee dishonestly with the intention gaining an advantage for himself. The matter is listed for sentence on 8 February 2019 in the Sydney District Court.