Ex-forex traders in Singapore get jail time for cheating banks
The duo were convicted of using their banks' accounts in 2009 to get preferential rates on US dollar
Singapore
TWO former currency traders from Deutsche Bank AG and HSBC Holdings plc were sentenced to jail terms of up to 15 weeks for cheating the banks by making false trades.
Former HSBC senior dealer Ivan Chng was sentenced to 15 weeks in jail, Singapore High Court Justice See Kee Oon said on Wednesday. Ex-Deutsche Bank trader Toh Hway Khuan was given an eight-week sentence. Neither man was fined. The two were convicted in January of using their banks' accounts in 2009 to get preferential rates on the US dollar.
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