Former Barclays FX Head Charged for Front-Running Hewlett Packard $8.5 Billion FX Orders
Former Barclays Head of New York Foreign Exchange Operation, Robert Bogucki, had been charged for manipulating foreign exchange options, in advance of an exceptionally large trade of GBP 6 billion FX options to be placed by Hewlett-Packard (HP) in 2011. This practice is known as front-running, using known information to place an order, before placing the client’s order.
” Barclays Traders Front-Run HP for $8.5 Billion FX Orders “
Between September and October 2011, he had misused information provided to him by HP to execute GBP 6 billion or $8.5 billion (XR: 1.42) foreign exchange options to acquire a UK-based company. The GBP 6 billion transaction, was exceptionally large and would have a material impact on the GBP foreign exchange price. Robert and other Barclays traders manipulated the volatility prices, that resulted in lowering the value of HP’s foreign exchange options. As a result, the actions benefited Barclays financially, and was detrimental to HP.
Robert Bogucki, aged 45 was charged in the Northern District of California in United States on the 16th January 2018, with one count of conspiracy to commit wire fraud and six counts of wire fraud. The charges are allegations, and the defendant is presumed innocent unless proven guilty.
Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 22 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. This division will become our UK ring-fenced bank by 2019.
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