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NatWest unit pleads guilty to Treasury market manipulation scheme -U.S. Justice Department -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Royal Bank of Scotland logo is visible outside an Enfield branch. This was taken November 15, 2017, in London. REUTERS/John Sibley

Chris Prentice and Iain Withers

WASHINGTON (Reuters), – Tuesday saw a unit of NatWest Group agree to $35m and plead guilty to securities and wire fraud. The scheme was based on a lengthy plan by NatWest Group traders to manipulate U.S. Treasury Debt markets.

NatWest Markets, an investment bank owned by the lender, acknowledged that traders were involved in manipulating U.S. Treasury markets during a period of 10 years. This included 2018, 2018 and 2019. In a statement by the U.S. Department of Justice, they said that the firm had agreed to be on probation for three years in addition to paying a fine and making restitution.

According to court filings, NatWest’s traders in Connecticut and London were involved in schemes that manipulated Treasury Market prices.

Robert Begbie (chief executive officer of NatWest Market) said that the firm regretted “past behavior of a few former employees”. The bank is now a different place because of the unacceptable behavior of those individuals.

NatWest announced that both the spoofing and breach of prior agreements with Justice Department charges will be covered by the penalties.

This news is less than one week after NatWest was penalized 265,000,000 pounds by a British court. The bank failed to stop the laundering of almost 400,000,000 pounds. Some of this money was deposited at branch locations in bags.

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