Trader fined £700,000 and banned for life

Credit SuisseA high profile disgraced trader has been fined £700,000 and banned for life for manipulating the price of government bonds aiming to gain profit from the taxpayer-backed money printing programme.

The trader, who worked for Credit Suisse, was trying to benefit from the QE programme that was aimed at improving liquidity. The trader, Mark Stevenson earned £2.4 million per year in his job at financial giant. He said that he was using an opportunity for profits through the Bank of England's programme to revive the economic growth.

, who is now 51 years old, has been working as a trader for 30 years. He drew up plans for scam to overcharge the Bank for bonds that it was offering to buy under its quantitative easing support programme that was aimed at reviving improving economic growth. The Bank of England had launched quantitative easing programme in order to boost growth in the UK economy as the global economy was facing a slowdown.

The central bank was offering to pay high prices for banks' holdings of government bonds. Mr Stevenson was trying to make a quick profit.