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Tullett Prebon fined GBP15 million by UK FCA after ‘wash trades,’ Vegas trips

( October 11, 2019, 07:55 GMT | Official Statement) -- MLex Summary: Inter-dealer broker Tullett Prebon, now part of TP ICAP, has been fined 15.4 million pounds ($19.2 million) by the UK Financial Conduct Authority, for poor controls that allowed staff to engage in “wash trades,” — commercially useless transactions that generate high intermediary fees. Brokers offered traders lavish gifts such as trips to Monte Carlo and Las Vegas, and refused to hand regulators audio recordings to help with inquiries, the FCA said.Statement follows. Document attached. ...

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