Top RBS trader to be charged with manipulating price of debt securities

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Top RBS trader to be charged with manipulating price of debt securities

Top RBS trader to be charged with manipulating price of debt securities

NY Post-

Federal prosecutors are said to be preparing to bring criminal charges against Adam Siegel, a top trader at the Royal Bank of Scotland, for allegedly manipulating the price of complex debt securities, The Post has learned.

Deirdre M. Daly, Connecticut’s top federal prosecutor, is building a case against Siegel and RBS, which used to house its bond trading unit in Stamford, for lying to purchasers — such as hedge funds — about how much the bank paid for bundles of debt, two sources familiar with the investigation told The Post.

Siegel, who headed the securitized debt trading desk at RBS, left the bank last year after being put on leave. He later worked for hedge fund Fortress Investment Group, but no longer is employed at the company or any of its affiliates, Gordon Runté, a Fortress spokesman, told The Post.

[NEW YORK POST]

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