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Best Known Rogue Trader

author
Ellen Grant
• Monday, 14 December, 2020
• 7 min read

As Jerome Kernel's trial kicks off this week over trades that cost French bank Société Générale 4.9 billion euros ($6 billion) back in 2008, history indicates that his kind of rogue activity is more common than you might think. Rogue traders fascinate the public because they tend not to act out of greed.

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(Source: www.belloflostsouls.net)

Contents

Rogue traders routinely breach their trading limits, and frequently concoct elaborate cover-ups to hide their losses. Their activity is in the gray area between civil and criminal illegality for the reason that the trader is a legitimate employee of a company or institution, yet enters into transactions on behalf of their employer without permission.

In 1987, Lesson led England's 233-year-old Baring's bank into bankruptcy with failed bets on Nikkei futures. Eventually arrested in Frankfurt, Germany, Nick spent a few fraught months trying to escape extradition to Singapore.

In 1995, Lesson led England's 233-year-old Baring's bank into bankruptcy with failed bets on Nikkei futures. Eventually arrested in Frankfurt, Germany, Nick spent a few fraught months trying to escape extradition to Singapore.

Kernel “breached five levels of controls” in the bank, and was “a computer genius,” according to Christian Boyer, the governor of t He kept the price of copper artificially high for nearly an entire decade leading up to 1995 and earned huge profits.

Haman aka led Symptoms's metal trading division, which controlled about 5 percent of the world's copper supply. He kept the price of copper artificially high for nearly an entire decade leading up to 1995 and earned huge profits.

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(Source: businesswire-essex.co.uk)

Symptoms claimed that Haman aka was a rogue trader and that his actions were completely unknown to management. The even damaged Symptoms's reputation as many people believed that the company could not have been ignorant of Haman aka's actions, especially because it profited for years from it.

Losses accumulated: Unknown Liu is reported to have sold copper that he did not own on behalf of the Chinese State. However, copper prices rose substantially over the life of the trade, which led to massive losses.

However, copper prices rose substantially over the life of the trade, which led to massive losses. The paper trail pointed towards the Chinese State Reserve Bureau.

But the Chinese government denied that a Liu Jibing had even existed to place a short. Losses accumulated: $691 million Former currency trader at All first bank, part of Allied Irish, Rusk's failed bets on the yen snowballed into $691 million worth of losses.

When the bank demanded that Rusk release some capital to ease its balance sheet, his Former currency trader at All first bank, part of Allied Irish, Rusk's failed bets on the yen snowballed into $691 million worth of losses.

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(Source: www.fantasyflightgames.com)

When the bank demanded that Rusk release some capital to ease its balance sheet, his scam was discovered. In 2006, Hunter had bet that the difference between the price of natural gas for 2007 March and April contracts would widen.

Hunter is currently waiting for the Federal Energy Regulatory Commission (FERC) to give their final decision in connection with the alleged Manipur A former trader for the now-bankrupt Amaranth hedge fund, whose bets on natural gas futures lead the firm to take a $6.6 billion loss.

In 2006, Hunter had bet that the difference between the price of natural gas for 2007 March and April contracts would widen. Hunter is currently waiting for the Federal Energy Regulatory Commission (FERC) to give their final decision in connection with the alleged manipulation of natural gas prices, and is also awaiting trial with the Commodity Futures Trading Commission.

Pictured: 1 American Lane, Greenwich, CT. where Amaranth Advisors LLC offices were. The Died Bank trader is responsible for $1.1 billion in losses resulting from about 30,000 unauthorized trades over an extraordinarily long period of 11 years.

In May 2002, he published My Billion Dollar Education, an English version of his best -selling book The Confession. Pictured: Akira Fajita ®, President of Japan's Died Bank, announces a loss of 1.1 billion dollars from 11 years of fraudulent trading by a rogue bond trader at its New York branch, during a press conference in Osaka, Japan, 26 September 1995.

(Source: www.youtube.com)

In May last year, London’s FTSE 100 index dropped by more than 2%, after a trader typed £300m, instead of £30m, while selling a parcel of shares. In 1998, in the biggest incident of its kind ever, a Salomon Brothers trader mistakenly sold £850m-worth of French government bonds, when he carelessly leaned on his keyboard.

His huge losses on the Delta One trading desk not only cost his bank a mega-fortune, they were blamed for sending share prices crashing around the world. He didn’t get anything from it.” The glamorous world of high finance was a far cry from Kernel’s private life, which was said to have disintegrated after his father died and his girlfriend dumped him.

In court, he told the judge that his life was filled with guilt, fear and deception after 11 years trying to recover his losses. The Federal Reserve ordered it to end all of its operations in America, leading to a sale of most of its US assets in January 2006.

Chinese metals trader Liu Jibing disappeared in 2005 after betting wrongly that copper prices were going to fall and amassing huge losses of 0.2bn USD. He was thought to be a copper dealer for the Chinese State Reserve Bureau at the London Metals Exchange.

In 2002, US currency trader John Rusk was charged with covering up $691m (£474m) of trading losses so that he could boost his own earnings. Regarded as a quiet and unassuming family man, he invented aliases and fabricated documents to cover up a growing financial hole from bad bets on currencies, particularly Japanese yen.

(Source: imdb.com)

Brian Hunter was a Canadian based natural gas trader for the now closed Amaranth Advisors hedge fund. Amaranth, which had over $9 billion in assets, collapsed in 2006 after Hunter’s gamble on natural gas futures market went bad.

Amaranth and Hunter have been accused by the Commodity Futures Trading Commission of conspiring to manipulate natural gas prices. The mistake was attributed to the “fat-finger” syndrome, shorthand for gaffes made when traders hit the wrong button on a keyboard and lose a bundle.

While acting as the Chancellor of the Exchequer in the United Kingdom, Between 1999 and 2002, Brown sold 60% of the UK’s gold reserves at $275 an ounce. There are several famous former traders who moved on to different careers, such as John Key (who served as the 38th Prime Minister of New Zealand) and Jimmy Wales (founder of Wikipedia).

The lives of the world's most famous traders are colored by both triumph and tragedy, with some exploits achieving mythological status within the industry. WD Gain (1878–1955) was a trader who used market forecasting methods based on geometry, astrology, and ancient mathematics.

Richard J. Dennis (born 1949) made his mark in the trading world as a highly successful Chicago-based commodities trader. Steven Cohen (born 1956) founded SAC Capital Advisors, a leading hedge fund focused primarily on trading equities.

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In 2013, SAC was charged by the Securities and Exchange Commission with failing to prevent insider trading and later agreed to pay a $1.2 billion fine. Pepper, a specialist in distressed debt investing, has made several appearances on CNBC where his statements are closely watched by traders.

Lesson served four years in a Singapore jail but later bounced back to become CEO of Irish football club Galway United. The dramatic and varied life stories of the world's most famous traders have made compelling material for books and movies.

Reminiscences of a Stock Operator, a fictionalized portrayal of Jesse Livermore's life, is widely viewed as a timeless classic and one of the most important books ever written about trading. The UBS scandal revealed Thursday is the latest in a long list of unauthorized trades that have cost banks billions of dollars.

In January 2008, French trader Kernel was arrested in Paris and accused of committing massive fraud that cost Société Générale Bank nearly $6 billion. “During three years these managers earned colossal amounts of money out of bonuses based on the ever-growing results that I was making for the bank,” he said.

Nicknamed “Mr. Five Percent” in reference to the amount of the global copper market he was once estimated to control, Haman aka was accused of years of price-fixing in order to generate exorbitant profits for Symptoms. The decade-long scheme fell apart in 1996, and in 1998 Symptoms paid $150 million to regulators while refusing to admit or deny if the corporation knew about or condoned the actions of its rogue trader.

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(Source: vacationvine.com)

At first Lesson, a star trader in Baring's' Singapore branch, made huge profits in the early nineties by speculating on futures derivatives for the bank. A loophole in Baring's' oversight system allowed Lesson to settle his own deals, meaning he could set up fake accounts for non-existent clients -- and as his luck began to run out, this is precisely what he did, masking huge losses by placing them in a single secret account while making increasingly risky bets in an attempt to recoup the losses.

In February 2002, AIB executives called the FBI after discovering that both roughly $700 million and 37-year-old trader John Rusk had gone missing from work. Working for AIB's All first subsidiary in Baltimore, Maryland since 1993, the foreign currency trader worked under the radar for nearly a decade, betting mostly on the price of the Japanese yen and racking up hundreds of millions of dollars in small losses that he attempted to hide in fabricated options contracts.

Part of the reason Rusk was able to perpetrate such massive fraud was poor supervision and financial controls at AIB -- although Rusk's trading limit was $2.5 million, by 2002 he was betting up to $7.5 billion (3,000 times his limit) of AIB's money on currency movements, according to the Financial Times.

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