According to the industry regulator, John White has been found guilty of taking a total of Â£152,372 from his ex-employer Seymour Price and clients over the course of 37 transactions made between 2001 and 2006.
The trader, who worked for the firm as a settlements manager, stole trading profits and interest on credit as well as transferring a personal loss on an investment into a Seymour Price account.
Margaret Cole, the FSAâs director of enforcement and financial crime, said: âWhite was a long standing employee of Seymour Pierce who misused his senior position with the firm. He exposed weaknesses in the firmâs systems and used them to his advantage.â
She added that the case demonstrated how the industry regulator was working effectively to prevent fraudulent acts being committed.
Mr Whiteâs role at Seymour Price meant he was responsible for entering details of trades into the firmâs system and changing static information on client accounts.
Money and assets taken from clients through Seymour Priceâs criminal activity has subsequently been returned by the firm.
By Jim Ottewill