Man who created fictitious trading entries banned

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A former Sydney trader has been banned from providing financial services for eight years after ASIC discovered he had created a series of fictitious trading entries and created a false document.

Jeremy Nambiar was employed at Westpac Institutional Bank between 2009 to 2010 to trade on a range of financial products including foreign exchange and cross currency swaps on behalf of Westpac.

The ASIC investigation found that during his time at the bank Nambiar entered more than 100 fictitious trading entries including off-market trades that created the false appearance of profit. It was found that some fictitious trading entries were created to conceal a loss of more than $1 million in AUD/USD spot foreign exchange.

As a result of the man’s conduct, approximately $17.6 million was written off the income statement of Westpac’s financial statements for the period ended 31 March 2011.

Nambiar never personally benefited from the trades, which were internal to Westpac and no customers were affected.

In 2010, Nambiar started work at Nomura Australia Ltd as an associate in its fixed income division.

It was found that in 2011 while employed there he created a false email purporting to be from an external broker containing broker quotes.

It was found that the email was likely to mislead Nomura staff.

Nambiar has the right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

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