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(Bloomberg) -- Hong Kong’s Securities and Futures Commission said it banned former Credit Suisse Group AG trader Jagjit Singh Dhillon from the industry for life after he made fictitious trades and covered up losses in 2012.
Dhillon, who traded equity derivatives, took steps to hide losses and his true exposure to risk in his trading books between May 8 and 17, 2012, booked fictitious trades and entered incorrect market data, the regulator said on its website today.
The trader’s actions led to overstated profits and understated risk exposure, resulting in Credit Suisse having to make $5.4 million of adjustments to the cumulative monthly profit and loss figure for its trading book on May 18, 2012, the regulator said.
Dhillon gave his supervisors false information when they became suspicious, it said.
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