Ex-Traders in Singapore Guilty of Cheating Deutsche Bank, HSBC
- Toh Hway Khuan pleads guilty to making false currency trades
- Ivan Chng pleads guilty to 25 charges in separate case
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Two former currency traders from Deutsche Bank AG and HSBC Holdings Plc were convicted of cheating the banks by making false trades.
Former HSBC senior dealer Ivan Chng and ex-Deutsche Bank trader Toh Hway Khuan pleaded guilty in separate hearings in Singapore’s High Court on Wednesday. The men both admitted to using their banks’ accounts in 2009 to get preferential rates on the dollar. The cases are unrelated and the men will be sentenced at a later date.