Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Barclays trader charged with fraud by US authorities

Barclays trader charged with fraud by US authorities

The US Department of Justice has filed criminal charges against former Barclays trader Robert Bogucki.

Bogucki, the US head of foreign exchange trading at the bank, is accused of allegedly defrauding Hewlett-Packard by front running a £6 billion options order prior to its takeover of Autonomy, according to the Financial Times.

According to an indictment filed at the Northern District of California by the Department of Justice, Bogucki is charged with one count of conspiracy to commit wire fraud and six counts of wire fraud.

He has been leave from Barclays since November 2016.

The allegations relate to events in 2011 when Barclays was hired by HP to advise it on its acquisition of Autonomy. As part of the deal, Bogucki was directed to buy £6 billion of sterling options to protect the company against adverse currency market moves.

However, the Department of Justice alleges that Bogucki shared confidential information with his colleagues at the bank who traded against the interest of HP and for their own gain.

Barclays stated that it has been cooperating fully with the Department of Justica, adding that the incident was prior to the improvements it made to the conduct and control procedures in 2012.

It said: ‘Barclays condemns any behaviour that violates our strict rules around client confidentiality and our client-centric approach.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: Deutsche's wealth boss plots a UK expansion

8 Comments Profile: Deutsche's wealth boss plots a UK expansion

Deutsche Bank may be among the world's biggest but its UK wealth business has punched so far below its weight its effectively a start-up says CEO Morley

Wealth Manager on Twitter