Word: trader
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
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...
...Sting. The end result, however, was more akin to the farcical Dumb and Dumber. Among the flagrant ruses employed by Daiwa, prosecutors said, was disguising a downtown trading floor as a nondescript storage room during audits by Federal Reserve regulators. But no sooner had the Feds left than the traders reappeared--led by Toshihide Iguchi. It was his dual role as chief bond trader and bookkeeper that ultimately brought the bank to grief by enabling him to rack up $1.1 billion in undisclosed losses from 1984 until his scheme came to light this past summer...
...tensions between the two countries. Just last month the Federal Reserve agreed to help rescue U.S. branches of Japanese banks if a bailout is required. But Treasury Secretary Robert Rubin was furious at Daiwa for waiting six weeks to notify U.S. authorities of Iguchi's illegal activities; the trader told the bank about them in a letter in July. Rubin vented some of that ire last month in a 20-minute phone conversation with Japanese Finance Minister Masayoshi Takemura, whose ministry had also learned of Iguchi's crimes but delayed informing Washington. Takemura expressed regret for the delay and promised...
...issue was a ruse whereby Leeson reconciled his year-end accounts in 1994. Both the London and Singapore reports agree that Leeson fabricated a $79 million credit from Spear, Leeds & Kellogg, a New York City-based securities trader, to offset his losses. When Barings' external auditors questioned the entry, Leeson forged faxes from Spear, Leeds & Kellogg, Citibank and one of his superiors in London to show that the money had indeed been paid to Barings. The auditors accepted Leeson's explanation although they failed to notice the words "from Nick and Lisa" printed...