Former Société Générale trader Jerome Kerviel sentenced to three years in prison by a Paris court for his role in a trading scandal and ordered to reimburse the bank €4.9bn. The 33-year-old was found guilty of breach of trust, computer abuse and forgery.
Former senior trader at Merrill Lynch in London Alexis Stenfors was banned for at least five years for deliberately overvaluing his trading positions to hide his losses, forcing the US bank to make a $456m write-down.
Japanese trading house Sumitomo suffered a $2.6bn loss over 10 years from rogue copper trades, primarily by chief trader Yasuo Hamanaka. Hamanaka, whose team was believed to control five per cent of the world’s copper trading, was jailed for eight years.
Barings, one of Britain’s oldest investment banks, collapsed after Nick Leeson, a futures trader in Singapore, lost $1.4bn in derivatives trading. Leeson was jailed in Singapore. Barings was subsequently sold to Dutch bank ING for £1.