City watchdog bans rogue trader who lost LCS £2.7m
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A former inter-dealer broker at Lewis Charles Securities (LCS) has been banned from working in the City by the Financial Services Authority, who declared he was not a "fit and proper person" for any regulated work.
The City watchdog said it had also referred the broker, Jonathan Bunn, to the City of London Police for investigation into suspected criminal offences. The FSA said that Mr Bunn had concealed a short position in HSBC shares last summer which eventually lost LCS almost £2.7m. As he was only authorised to trade on a "matched" basis, he hid his position by creating fraudulent deal-slips to circumvent the firm's controls, the FSA added.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments