Release Date: May 24, 2010
For immediate release
The Federal Reserve Board on Monday announced the issuance of a Consent Order of Prohibition against Walter Simon, a former foreign exchange options trader and an institution-affiliated party of the New York, New York branch of Skandinaviska Enskilda Banken, Stockholm, Sweden.
Mr. Simon, without admitting to any allegations, consented to the issuance of the Order, which was based on his alleged participation in violations of law, unsafe and unsound banking practices, and breaches of fiduciary duty that resulted in substantial losses to SEB, including allegedly entering fictitious trades that concealed a significant trading loss and allowed the trading loss to increase substantially without detection.
A copy of the Order is attached.