February 16, 2018 / 8:13 PM / a month ago

Fed sanctions former Barclays trader for alleged abuse

WASHINGTON (Reuters) - The Federal Reserve on Friday said it was seeking to permanently bar a former Barclays Bank employee from the banking business for allegedly manipulating foreign exchange trades.

FILE PHOTO: The Federal Reserve headquarters in Washington September 16 2015. REUTERS/Kevin Lamarque/File Photo

The Fed sought to bar Peter Little from the industry and fine him $487,500 for allegedly using chatrooms to wrongly coordinate trades.

The action follows a Fed action in May 2015 when officials fined Barclays $342 million for unsafe and unsound practices related to foreign exchange markets.

Little could not be immediately reached for comment.

Reporting By Patrick RuckerEditing by Chizu Nomiyama

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