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

Taxation: Removing cross-border tax obstacles for EU citizens

Today, the Commission published a Communication which outlines the most serious tax problems that EU citizens face in cross-border situations and announces plans for solutions. more »

State aid: Commission opens in-depth investigation into Hungarian support measures for national airline Malév

The European Commission has opened a formal investigation under EU state aid rules to examine a number of support measures, including several capital injections and shareholder loans, that the Hungarian authorities granted to Malév-Hungarian Airlines in the context of its privatisation and subsequent renationalisation. more »

Fake Chinese products spread

Internet and lax customs enforcement drive growth of 600 billion US dollar counterfeit goods industry. more »

Report: millions escape poverty

350 million people rose out of poverty in the past decade, but 1.4 billion are still extremely poor, says the latest report into rural poverty. more »

Getting more people into better jobs

New plan sets out action to reach 75% employment target for the EU by 2020. more »

Innovation Union: three new European research infrastructures on wind, solar and nuclear energy announced

Research Ministers of the EU Member States and Associated Countries, together with the European Commission, are announcing in Brussels today three new pan–European energy research infrastructures. more »

Commissioner Šemeta visits Moscow to strengthen EU-Russia customs cooperation

Algirdas Šemeta, Commissioner for Taxation, Customs, Audit and Anti-fraud, is visiting Moscow today to discuss ways in which customs cooperation between the EU and Russia can be reinforced. more »

ECB must go on participating actively in tackling the economic crisis

Following on from Monday's debate with ECB President Jean-Claude Trichet, MEPs on Tuesday adopted a resolution, by a show of hands, gauging the ECB's performance in 2009 and suggesting actions to be taken in view of the economic situation. more »

Parliament approves aid to unemployed people in the Netherlands

The European Parliament today approved €10.5 million in European Globalisation Adjustment Fund aid to over 3,000 people in the Netherlands who lost their printing and publishing sector jobs last year, due to the economic crisis. more »

France unveils Taj Mahal gold coin

A diamond-studded gold coin engraved with a picture of the Taj Mahal and worth 100,000 euros is unveiled at the Paris mint. more »