From Insider.
Nick Leeson is an English former derivatives trader who caused the collapse of Barings, London’s oldest merchant bank, which had operated for 233 years. Working in the bank’s Singapore office, he made a series of unauthorized speculative trades that ultimately lost $1.2 billion.
Leeson joined Barings in 1989 and by 1992 was running its new futures operation in Singapore. Concealing losses in a secret “88888” error account, he hid the scale of his bets from London as deficits ballooned. By 1994, his risky “long straddle” trades were losing millions. After doubling down during the 1995 Kobe earthquake, his losses exploded, wiping out the bank. Leeson fled to Malaysia but was caught and extradited to Singapore, where he served over four years for fraud. In 1999, he published his memoir which was made into a 1999 film, "Rogue Trader."
Leeson speaks to Business Insider about the lifestyle of bankers in Singapore, how illegal trades happen, and the early signs of fraud.
Leeson is now active on the keynote and after-dinner speaking circuit, advising companies about risk and corporate responsibility. Since 2023, he has been a private investigator dealing with cases of financial misconduct. He also hosts the "Rogue Trader" podcast.
For more:
https://www.nmplive.co.uk/nick-leeson
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#bankfrauds #speculative #illegaltrade #financialmisconduct #fraud #howcrimeworks
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How Billion-Dollar Bank Fraud Actually Works | How Crime Works | Insider
