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Fed sanctions former Barclays trader for alleged abuse

Reuters - UK Focus

WASHINGTON, Feb 16 (Reuters) - The Federal Reserve on Friday said it was seeking to permanently bar a former Barclays Bank (NYSE: BCS-PA - news) employee from the banking business for allegedly manipulating foreign exchange trades.

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 (Swiss: BARC.SW - news) $342 million for unsafe and unsound practices related to foreign exchange markets. (Reporting By Patrick Rucker Editing by Chizu Nomiyama)