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Wash trades is the name given to the practice of banks creating fake trades to pay brokers through commissions.
Nine of the wash trades made between September 2008 and August 2009 generated more than 170,000 pounds fees to reward one broker for helping UBS.
In this regard, an order was passed against Pearl Capital Management (Pvt) Limited, a member of Karachi Stock Exchange (KSE) for execution of wash trades in its proprietary account and it was imposed penalty of Rs.