Nick leeson how much

While he was in prison, Leeson wrote his book, "Rogue Trader. Up until the year , Leeson held the record for the most losses due to unrestricted trades. International Markets. Company Profiles. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.

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I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Inside Business. Latest Business. Clanwilliam to introduce AI-powered dictation software for healthcare Profits up six-fold at Jellybean Factory E-learning group Shaw Academy agrees its second rescue deal in three years Your Money. Personal Finance. Your Practice. Popular Courses. Who Is Nick Leeson? His misadventure forced banks to reassess their internal controls and trade auditing procedures.

It also bankrupted Barings, one of England's oldest banks. One lesson: A trader desperate to recoup losses tends to gamble more, and lose more. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.

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In the mids, Nick Leeson landed a job as a clerk with royal bank Coutts, followed by a string of positions with other banks, ending up at Barings, where he quickly made an impression and was promoted to the trading floor. Before long, Nick was appointed the manager of a new operation in futures markets on the Singapore Monetary Exchange SIMEX and was soon making millions for Barings by betting on the future direction of the Nikkei Index.

His bosses back in London, who viewed his large profits with glee, trusted the whizzkid. What the company did not realise, is that it was responsible for the error account where Leeson hid all of his losses. Leeson now used this account to cover his own mounting losses.