Struc prod managers censured for Barclays bond abuse

The pair, director Darren Morton and vice president Christopher Parry, used inside information to offload Barclays bonds to investors who subsequently lost $66,000. Morton and Parry were portfolio managers for the K2 structured investment vehicle, which help $65m worth of Barclays floating rate not issue (FRN). On March 17 2007, the men received information about a new issue of FRNs from Barclays, and took the opportunity to offload their entire holding of the bonds. Two counterparties, who were unaware of the upcoming new issue of notes, saw their investment hit when Barclays rele...