The Federal Reserve Board on Tuesday fined a former foreign exchange trader at Societe Generale's New York branch and ordered him not to work on the trading desk for any other banking organization.

William Shilstone agreed to the ban and the financial penalty, though he did not admit to violating the law.

The Fed said Mr. Shilstone incorrectly recorded foreign exchange transactions in Societe Generale's books. Besides barring him from trading for any bank, it ordered him to pay $10,000 to cover losses incurred by the New York branch. The Fed ordered the bank not to pay the penalty.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.