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Message for Opaque CLO Market

Arrest of RBS trader for lying to clients intended to send a message to other traders.

By Lisa Abramowicz | Updated on March 12, 2015

Don’t lie about debt prices or you could end up in jail. And if you’ve already lied, watch out.

That’s the message to traders in the US$375 billion opaque market for collateralized loan obligations (CLOs) after Matthew Katke, a former Royal Bank of Scotland Group Plc CLO trader, pleaded guilty Wednesday in the U.S. to committing securities fraud. Katke agreed to cooperate with federal prosecutors’ investigation into a multimillion-dollar scheme to cheat customers who bought and sold bonds.

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