FSA investigates former Threadneedle trader in fraud probe

City of London police and the FSA are investigating a suspected $150m trading fraud attempted by a former trader at Threadneedle Investments.

Threadneedle confirmed police and other authorities have been notified after internal company controls were triggered and a suspicious trade was halted last August, the FT reports. A junior trader, working in the company’s investment arm, was dismissed after attempting the rogue trade, it said. The trade is alleged to have been worth about $150m and linked to Argentine warrants, according to FT sources. Threadneedle said in a statement: “In August 2011, our systems stopped a suspicious attempted trade. The matter was immediately reported to the authorities and the individual involv...