Photo: Vincent Diamante, Flickr
Today UBS unexpectedly announced a rogue trading scandal adding yet another blow to the embattled Swiss bank.Kweku Adoboli, 31, was arrested by police in London for his alleged rogue trading scheme that lost UBS a whopping $2 billion.
Adoboli might be joining a group of other rogue traders who’ve lost their firms a lot of money.
Société Générale's 'rogue trader' Jerome Kerviel lost the French bank approximately $6.7 billion through arbitrage of equity derivatives.
His unauthorised trades racked up a $6.7 billion loss that was revealed in 2008.
In October 2010, he was sentenced to three years in prison.
He's planning to appeal.
Leeson was a derivatives broker at Barings Bank where his unauthorised trading on Nikkei futures accumulated losses of $1.3 billion.
This eventually led to the collapse of the oldest U.K. investment bank.
Leeson moved to Singapore where he enjoyed a lavish lifestyle and made plenty of money for a few months.
For a time, he was able to hide his mounting losses in a special account known as the 'five eights' account.
He was eventually caught and sentenced to five years in a Singapore prison in 1995. In prison, he acquired cancer and his wife left him.
He was released in 1999 and now does keynote speeches.
He refused to reveal the whereabouts of 65 million yuan ($9.52 million) of the misappropriated funds.
He was the first finance executive to receive the death penalty in China.
Jonathan Bunn worked as a broker at Lewis Charles Securities where he wasn't allowed to prop trade, but he managed to do it anyway by tricking back office employees by writing out false-deal slips.
Bunn shorted 7 million HSBC shares using Lewis Charles Securities money. His accumulated losses were $3.91 million.
As a result, Bunn was banned from the industry by the Financial Services Authority.
In addition, Lewis Charles laid off some of its employees.
Rusnack, a currency trader at Allfirst Bank, lost a total of $691 million on his bets.
AIB Group, Allfirst's parent company, sold the firm to M&T Bank. More than 1,000 employees lost their jobs thanks to Rusnack's losses.
Brian Hunter, an ex-trader with the now-defunct Amaranth hedge fund, bet on natural gas futures back in 2006 that caused the fund to lose $6.6 billion.
Earlier this year the U.S. Federal Energy Regulatory Commission fined him $30 million for manipulating gas prices.
In 1994, Robert Citron was Treasurer-Tax Collector for Orange County, California.
As treasurer, Citron used a series of highly-leveraged deals that included repurchase agreements and floating rate notes. At one point he was able to achieve leverage 292%.
The funds he managed were worth around $8 billion, but he was counting on interest rates remaining low or else he stood to lose big time.
Interest rates did rise and as a result, Orange County losses amounted to $2 billion and the county was forced into Chapter 9 bankruptcy.
Yasuo Hamakana, who was once nick-named 'Mr. Five per cent' and 'Mr. Copper' because of his aggressive trading style in the copper market, caused Sumitomo to lose $2.6 billion from his unauthorised copper trades on the London Metal Exchange.
As a result of his rogue trade, Hamakana was sentenced to eight years in prison in 1988. He was released in July 2005, a year before his sentence was supposed to end.
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