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CFTC Fines Ex-Deutsche Trader for Hiding Swaps Losses
The US Commodity Futures Trading Commission (CFTC) has fined a former Deutsche Bank inflation swaps trader for attempting to cover up losses. The Commission has also closed its related investigation into the bank, citing its self-reporting of the incident and its cooperation. CFTC says it has filed and settled charges against Jacob Bourne, a former managing director at Deutsche for fraudulently mismarking swap valuations to conceal trading losses of $16 million. The CFTC Order requires Bourne to pay a $350,000 civil penalty and permanently bans him from trading on exchange and seeking registration with the CFTC, among other prohibitions.

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