Federal Reserve Fines Rusciano $75,000 In Trading Case
WASHINGTON -(Dow Jones)- The Federal Reserve said Thursday it fined a former employee of a UBS subsidiary $75,000 on allegations of unsound banking.
The Fed said Francesco Rusciano consented to the civil penalty without admitting the allegations.
The Fed order described Rusciano as a former institution-affiliated party of UBS AG, of Zurich, Switzerland.
The Fed had alleged Rusciano, while an employee of a UBS subsidiary in the U.S., engaged in unsound banking practices. It alleged he committed violations of the law by concealing substantial losses arising from proprietary trading in Brazilian real/U.S. dollar non-deliverable forward contracts and Brazilian bonds on behalf of UBS AG.
-By Jeff Bater, Dow Jones Newswires; 202 862 9249; jeff.bater@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=NsViVaG0MhuownGg9OaPgQ%3D%3D. You can use this link on the day this article is published and the following day.
WASHINGTON -(Dow Jones)- The Federal Reserve said Thursday it fined a former employee of a UBS subsidiary $75,000 on allegations of unsound banking.
The Fed said Francesco Rusciano consented to the civil penalty without admitting the allegations.
The Fed order described Rusciano as a former institution-affiliated party of UBS AG, of Zurich, Switzerland.
The Fed had alleged Rusciano, while an employee of a UBS subsidiary in the U.S., engaged in unsound banking practices. It alleged he committed violations of the law by concealing substantial losses arising from proprietary trading in Brazilian real/U.S. dollar non-deliverable forward contracts and Brazilian bonds on behalf of UBS AG.
-By Jeff Bater, Dow Jones Newswires; 202 862 9249; jeff.bater@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=NsViVaG0MhuownGg9OaPgQ%3D%3D. You can use this link on the day this article is published and the following day.
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