Nick Leeson

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Nick Leeson

A derivatives broker employed in the Singapore office of Barings Bank, which, before Leeson was sent, had not actively traded on SIMEX before. Leeson was permitted to conduct arbitrage by buying futures on Nikkei and at the same time selling them on SIMEX. Instead, he made unhedged futures transactions on Nikkei and reported his losses as gains. His trading was exposed following large losses on Nikkei after an earthquake. His losses totaled more than $1 billion, twice Barings' available capital. He spent about three years in jail and was released in 1999. He was born in 1967.
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JAILED banker Nicholas Leeson, disgraced heavyweight Mike Tyson, and surgically-challenged John Wayne Bobitt all rub shoulders with the Queen on one of the world's most exclusive celebrity lists.
The most scandalous event in the financial world this year was undoubtedly the single-handed destruction of Britain's ancient Barings Bank by a 28-year-old trader named Nicholas Leeson.
Barings's own management did not understand them and did not have a clue as to what Nicholas Leeson was doing.