Toronto Dominion Bank (London Branch) fined £490,000 over trader’s hidden losses

Simon Richard Brignall, former fixed income trader at the London branch of Toronto Dominion Bank (TD), dropped a bombshell when he resigned on 9 March 2007. He told the bank that he had hidden losses in his book for nearly two years: from June 2005 to February 2007 he mis-priced positions and after 26 February he also entered fictitious trades. Brignall, who is now prohibited from taking up any regulated activity as not a fit and proper person, decided to leave after the firm drew up plans to formalise independent price verification (IPV) in his area. His overall net losses amounted to CAD$8.8 million, all borne by the bank. Brignall made no personal gain.