Cantrade Suspends Manager Over Alleged FX Trading Losses
BANKS
Cantrade Private Bank Switzerland, a subsidiary of Union Bank of Switzerland, has suspended Peter Stoneman, manager in the private banking division in Jersey, the Channel Islands, pending the resolution of charges against him following allegations of trading losses of $10-12 million between 1988-93, confirms Hans Fischer, chief executive officer of Cantrade group in Zurich.
Fischer says Stoneman and the bank itself have been charged with offences under the Investors (Prevention of Fraud) Jersey
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