Trader Leeson freed, sent to London

Published: 7 July 1999 y., Wednesday
Rogue trader Nick Leeson walked out of a Singapore prison Saturday, four years after bringing down Britain_s oldest commercial bank and sending shock waves through Asia_s giddy financial world. Wearing a broad smile, T-shirt and warmup pants, the 32-year-old Briton was immediately taken to the airport, where security officers whisked him through passport control and put him on a commercial flight to London. Leeson spent nearly 3 years at Tanah Merah prison, convicted of fraudulently hiding $1.4 billion in losses at Barings Bank. His unauthorized futures trading made him one of the decade_s most notorious white-collar criminals. Now the subject of a book and film, Leeson has gained celebrity status. But his personality remains an enigma, his reputation an odd mix of loutish bravado and good-natured humility. Leeson, who failed math in high school, pushed his way into the financial world as a low-salaried clerk for Britain_s dignified Coutts and Co. bank in 1985. He moved to U.S. bankers Morgan Stanley in 1987, and then to Barings in London in 1989. After his trading losses were discovered, he fled Singapore but was caught in Frankfurt, Germany, and brought back to the island republic. His lawyer, Stephan Pollard, said Leeson would "certainly get a job as soon as is practicable" but cautioned that it would be difficult after spending time in prison. Newspapers reportedly have been vying to get an interview with Leeson for a six-figure sum, while the movie based on his case, "Rogue Trader," premiered last week in London before a star-studded audience.
Šaltinis: MSNBC
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

FDI in Lithuania Grew by 5 % and Lithuania’s Investment Abroad Increased by 14 %

Statistics Lithuania has calculated that, based on provisional data, FDI in Lithuania in 2009 amounted by 5.3 % more than in 2008. Also, direct investment of Lithuanian enterprises abroad grew by 13.9 % in 2009. more »

Fish industry voices concern over foreign fish and falling prices

Concerns about foreign fish being sold in Europe and what to do about the future of Europe's fisheries industry were aired in a hearing held by the Fisheries Committee on 8 April. more »

Future of European agriculture - have your say

EU opens public debate on its agricultural policy, the prelude to a major reform in 2013. more »

Commission launches €35 million call for projects that turn environmental challenges into business opportunities

The European Commission today launched a €35 million call for eco-innovation projects to be funded under the Competitiveness and Innovation Programme. more »

Bank SNORAS group consolidates the activity of the Baltic investment companies

Bank SNORAS group company Finasta Holding recruits all funds management and investment companies of the group in the Baltic States. more »

European Central Bank and European Commission hold joint conference on "financial integration and stability: the legacy of the crisis"

The European Central Bank (ECB) and the European Commission are jointly holding a high-level conference on financial integration and stability at the ECB’s premises in Frankfurt am Main. more »

12 April 2010 - ECB signals a gradual recovery of the European financial integration process

Today, the European Central Bank (ECB) is publishing its fourth Report on Financial Integration in Europe, which notes the return towards integration in the European financial markets. more »

World Bank Group: Record US$100 Billion Response Lays Foundation for Recovery from Global Economic Crisis

World Bank Group financial commitments since July 2008, just before the full fury of the financial crisis hit, reached US$ 100 billion today as the institution helped countries respond to and recover from the global downturn. more »

IMF Executive Board Concludes 2010 Article IV Consultation with Serbia

On March 31, 2010, the Executive Board of the International Monetary Fund concluded the Article IV consultation with Serbia. more »

United Kingdom Contributes US$7.5 Million to Support IMF Technical Assistance in Statistics in Africa

The International Monetary Fund and the United Kingdom’s Department for International Development have launched a new project to improve macroeconomic statistics in 23 African countries. DFID will provide US$7.5 million over the next five years to support the project. more »