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Former Barclays trader receives $1.2 million fine, industry ban

WASHINGTON, May 19 (Reuters) - The Federal Reserve announced on Friday that it had imposed a $1.2 million fine on a former Barclays Plc foreign exchange trader, and barred him from the banking industry.

The ban on the former trader, Christopher Ashton, had been previously announced in August. The enforcement action was finalized on Friday, after Ashton failed to respond to court proceedings.

The former trader allegedly used chat rooms to coordinate investments and disclose confidential information in foreign exchange trades, the regulator said.

The action followed the board's May 2015 enforcement actions against Barclays for unsafe and unsound practices related to foreign exchange markets, the Federal Reserve said.

Barclays was required to pay $342 million at that time.

In that case, the bank had settled with the New York state financial regulator and faces civil lawsuits stemming from the alleged abuse. (Reporting by Pete Schroeder; Editing by Jonathan Oatis)