London: Two former Barclays Plc traders agreed to settle US Securities and Exchange Commission claims that they misrepresented prices of bonds they sold to customers, earning excessive mark-ups in the process.
Yoon Seok Lee, 33, and David Wong, 35, earned about $15.5m in illegal profits for the bank by trading residential mortgage-backed securities. Each agreed to one-year suspensions without admitting or denying the regulator’s findings. Lee will pay a $200,000 penalty, while Wong will pay a $100,000 fine. Barclays will pay a $1m penalty also.
