Police probe attempted $150 million rogue trade at Threadneedle

The City of London Police are investigating a suspected $150 million trading fraud attempted by a former trader at Threadneedle, according to reports.

The Financial Times has reported that the asset manager confirmed that police and other authorities had been notified after internal company controls were triggered and a suspicious trade was stopped from being carried out in August 2011.

According to the FT the trade was alleged to have been worth about $150 million and linked to Argentine warrants.

Threadneedle told the paper: ‘In August 2011, our systems stopped a suspicious attempted trade. The matter was immediately reported to the authorities and the individual involved was subsequently dismissed.’

Threadneedle said no client money had been lost as the trade did not proceed.