4. Toshihide Iguchi
Toshihide Iguchi, a former trader, for Japan's Daiwa Bank racked up huge losses through unauthorized trades over a period of eleven years and successfully hid it from his bosses in Tokyo.
His trades out of the New York branch cost the bank $1.1 billion in losses. In addition, the trader embezzled $570,000 from the bank.
In 1995 he confessed to his employers at Daiwa Bank and pleaded guilty to charges of fraud and conspiracy. A Manhattan Court sentenced the bond trader to four years in prison and ordered him to pay a $2 million fine.U.S. regulators in 1996 ordered Daiwa to close its U.S. operations after finding it guilty of lying to regulators to cover up Iguchi's fraud. The bank paid a $340 million fine and shut its New York offices.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV