Word: trader
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...Attorney's office in Manhattan. During those 11 years, the office said, the baby-faced Iguchi made an astronomical 30,000 unauthorized transactions while trying to cover up losses that ultimately ballooned to $1.1 billion. His method was simple: whenever he lost money as a government-bond trader, Iguchi allegedly plucked and sold bonds from Daiwa's own accounts or those of its customers, and then forged documents to make the trades look like authorized transactions. He seemingly sought no gain for himself other than to conceal his losses...
...spectacular allegations put Iguchi in the company of a rogues' gallery of high rollers accused of vast secret transactions that have rocked their firms in the 1990s, spurring some companies to tighten oversight of trading desks. Iguchi's closest kin in scandal is Nicholas Leeson, the Singapore-based derivatives trader who racked up $1.4 billion in hidden losses that broke Britain's Barings Bank when they came to light last February. Like Leeson, Iguchi was simultaneously in charge of making trades and recording them in his firm's back office--a combination that enabled him to conceal the true nature...
...gigantic scope of Iguchi's fraud, and the bank's seemingly lackadaisical response even after it surfaced, raised questions on Wall Street about whether the 44-year-old trader--whose nicknames were "Tosh" and "Toshy"--had acted alone or with the help of friends in high places at the bank. It was noted that nearly two months passed between the time Iguchi blew the whistle on himself in a July 13 letter to bank president Akira Fujita and the time Daiwa informed authorities on Sept. 18--despite the fact that U.S. state and federal regulations require banks to give immediate...
Japan's financial community is reeling after it was discovered Tuesday that a trader for Daiwa Bank lost more than $1 billion on bond transactions. "In financial terms, it isn't the worst thing that could have happened," says New York bureau chief John Moody. "But the embarassment is significant and the timing could not have been worse, because there is a very shaky feeling right now in the Japanese financial community." Toshihide Iguchi, an executive with Daiwa's New York office, has been charged with falsifying records in connection with $1.1 billion in losses for the Japanese bank...
...Rogue trader Nick Leeson won't be coming home to England anytime soon. British authorities now say that they will defer to Singapore's jurisdiction and will not extradite Leeson to Britain. As a trader in Singapore, Leeson allegedly caused the collapse of the venerable 232-year old Baring Bros. Bank. TIME's Michael Brunton reports from London: "Leeson has run out of options. Now he's in for a long trial and a longer sentence in Singapore. I guess the David Frost interview didn't work." Leeson is currently being held in a German prison awaiting a decision...