A former foreign-exchange trader from Deutsche Bank who admitted to deceiving the bank by making false trades, is facing a potential jail sentence and a fine for each charge.
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, according to a report from «Bloomberg»
The former spot trader was charged in 2015 with 39 counts, he is accused of buying and selling more than $250 million and unlawfully making about $140,000. Toh failed to disclose his beneficial ownership in the trades, and his offences were difficult to detect, the prosecutor told the Singapore High Court.
Jail Term Sought
Toh's lawyer is seeking a high fine rather than a prison sentence, saying the bank didn’t suffer actual losses and there was no market impact from Toh’s conduct.
The prosecutor however is seeking a three-month jail term to deter those in the financial industry from making personal gains through deceitful means. Toh, who has been jobless since leaving Deutsche Bank in 2010, will be sentenced at a later date.
