Word: leesons
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...Nick Leeson, the rogue trader whose freewheeling ways resulted in a $1.4 billion loss and brought down Britain's venerable Barings Bank, was extradited to Singapore, where his transactions occurred. Promptly arrested, he was charged with 11 counts of fraud and forgery. If convicted, he could face as much as 14 years in prison...
More bad news for Nick Leeson. Two days after the former Barings Bank trader was sentenced to 6 1/2 years in prison for the $1.38 billion in unauthorized trades that brought down Britain's oldest bank, he was hit with a court order seeking to prevent him from making money on his story. The order bars Leeson, his wife and his lawyer from earning money by selling their version of the Barings collapse story while Leeson is in Singapore. A lawyer for Leeson says his client, who has signed a deal reportedly five-figure deal to write his life story...
Does this add up to a conspiracy on the part of the two top bank officials to conceal Barings' mounting losses? Some of those who worked with Leeson and Norris, as well as British authorities, are unconvinced. While prepared to concede gross incompetence on the part of senior Barings management, they find it difficult to believe Bax and Norris could have known about or suspected the magnitude of Leeson's swindle and remained quiet...
...Singapore authorities see it differently. They are considering bringing further charges against other Barings executives, including Bax, who is still in Singapore, and Norris, who lives in England. There is even talk that criminal investigators may try to coax Leeson into testifying against his former bosses. But that approach has its problems. Leeson is still fighting extradition from Germany, where he was arrested while attempting to flee to England. Even when he is brought before a court in Singapore, as seems likely, his credibility will remain suspect. After all, taking him at his word can be quite costly...
...Nicholas Leeson, the man accused of singlehandedly destroying one of Britain's oldest investment banking firms, has decided to drop his efforts to avoid returning to Singapore for prosecution. Leeson, 28, fled Singapore for Germany last February when news of his futures trading fiasco was revealed. According to Singaporean investigators, Leeson, who was the general manager of futures trading for Britain's Barings bank in Singapore, wiped out some $1.38 billion of the bank's funds in Asian futures markets. The loss was more than the 232-year-old investment institution could cover. Leeson was charged with eleven counts...