Ex-Citi Trader Fired for Spoofing Loses U.K. Employment Fight
- Choo never gave consistent explanation for trading, judge says
- Trader says bank fired him despite FCA giving him all clear
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A former Citigroup Inc. trader who was dismissed for market manipulation after facing questions from the U.K. financial regulator has lost his unfair dismissal case.
King Yew Choo was fired after Citigroup concluded that he was “spoofing” the market for Slovenian government bonds. A London judge said that Choo’s “unique pattern of pricing and trading” gave considerable weight to the bank’s investigation -- even though the Financial Conduct Authority itself took no action.