Andrew Donaldson has been charged with recording millions of dollars in false trades to offset losses when he was a Deutsche Bank FX options and futures trader in Sydney.
He faces 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.
The charges against Donaldson, of Bronte in Sydney, who was permanently banned in 2016 from providing financial services, were listed before Sydney’s Downing Centre Local Court.
Donaldson did not enter a plea. The matter was adjourned to April.
Corporate regulator ASIC alleges Donaldson recorded false transactions and false fixed cash flows in Deutsche Bank’s internal systems between July 2013 and June 2014.
The transaction related 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,” says ASIC.
“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.”
The entries resulted in a temporary overstatement of Deutsche Bank’s internal Australian Management Accounting revenue result of about 28 million Euros ($A44 million).