The Financial Conduct Authority said that Travis Klein, a trader based on the Australian investment bank's London metals and bulks trading desk from August 2017, had concealed the fictitious trades in an attempt to hide his trading losses between June 2020 and February 2022.
The fictitious trades were not spotted earlier because of "significant weaknesses" in Macquarie Bank's systems and controls, some of which the company had been previously made aware, the financial watchdog said.
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