Rogue Traders: Just Be Glad You Don't Live In China

Death Penalty Execution Chamber Texas

Photo: AP

The accused UBS rogue trader Kweku Abodoli should be thankful he doesn’t live in China.Abodoli was arrested Thursday by London police for causing the embattled Swiss bank to lose $2 billion because of his unauthorised trades.

Past instances involving rogue traders in the U.K. suggest the worst possible scenarios will be he’ll likely face prison time like rogue trader from Barings Nick Leeson.

Leeson, however, was imprisoned in Singapore.

The other scenario is he could also possibly be banned from the industry by the Financial Services Authority just like rogue trader Jonathan Bunn (Download PDF).

So yes in a since his life is ruined, but at least he has a life.

A Chinese rogue securities trader wasn’t so lucky.

Yang Yanming, a rogue securities trader, was executed in 2009 after embezzling 65 million yuan ($9.52 million) and taking the secret of the whereabouts of the misappropriated funds to his grave. 

He was the first finance executive in the securities industry to be executed in China.

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