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<h2 id="largest-rogue-trader-losses">Largest rogue-trader losses</h2> <table><tbody><tr><th>Name</th><th>Country</th><th>Date(s)</th><th>Loss</th><th>Institution</th><th>Market activity</th><th>Sentence</th><th>Incident</th></tr><tr><td><a href="/facts/J%C3%A9r%C3%B4me_Kerviel/kRaRN2Ht">Jérôme Kerviel</a><a class="footnote-ref" id="fnref:9" href="#fn:9"><sup>9</sup></a></td><td>Paris, France</td><td>2006–2008</td><td>$6.9 billion (€4.9 billion)</td><td><a href="/facts/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale/sQpztLSE">Société Générale</a></td><td>European <a href="/facts/Stock_market_index_future/Ax7zN0gh">Stock Index Futures</a></td><td>5 years prison of which 2 years were suspended</td><td><a href="/facts/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss/lWmnmY2p">2008 Société Générale trading loss</a></td></tr><tr><td><a href="/facts/Yasuo_Hamanaka/Ef1aV52q">Yasuo Hamanaka</a><a class="footnote-ref" id="fnref:10" href="#fn:10"><sup>10</sup></a></td><td>Tokyo, Japan</td><td>1996</td><td>$2.6 billion</td><td><a href="/facts/Sumitomo_Corporation/Xc2dzQD3">Sumitomo Corporation</a></td><td><a href="/facts/Futures_contract/4SD3dKty">Copper</a></td><td>8 years prison</td><td><a href="/facts/Sumitomo_copper_affair/6mK9saGU">Sumitomo copper affair</a></td></tr><tr><td><a href="/facts/Kweku_Adoboli/LmDCuTcP">Kweku Adoboli</a><a class="footnote-ref" id="fnref:11" href="#fn:11"><sup>11</sup></a></td><td>London, United Kingdom<a class="footnote-ref" id="fnref:12" href="#fn:12"><sup>12</sup></a></td><td>2011</td><td>$2.3 billion</td><td><a href="/facts/UBS/9PQLzBq3">UBS</a></td><td>S&P 500, DAX, and EuroStoxx <a href="/facts/Stock_market_index_future/Ax7zN0gh">Futures</a></td><td>7 years prison</td><td><a href="/facts/2011_UBS_rogue_trader_scandal/LhPyxhHU">2011 UBS rogue trader scandal</a></td></tr><tr><td><a href="/facts/Nick_Leeson/cX5f0nBN">Nick Leeson</a><a class="footnote-ref" id="fnref:13" href="#fn:13"><sup>13</sup></a></td><td>United Kingdom</td><td>1995</td><td>$1.3 billion (£827 million)</td><td><a href="/facts/Barings_Bank/sLo10yKG">Barings Bank</a></td><td><a href="/facts/Nikkei_225/vmNJQpdd">Nikkei Index</a> <a href="/facts/Stock_market_index_future/Ax7zN0gh">Futures</a></td><td>6.5 years prison</td><td></td></tr><tr><td><a href="/facts/Toshihide_Iguchi/8hVxduky">Toshihide Iguchi</a><a class="footnote-ref" id="fnref:14" href="#fn:14"><sup>14</sup></a></td><td>Osaka, Japan / New York City, United States</td><td>1995</td><td>$1.1 billion</td><td><a href="/facts/Daiwa_Bank/IQQpBREF">Resona Holdings</a></td><td><a href="/facts/United_States_Treasury_security/ggwu3txu">U.S. Treasury Bonds</a></td><td>4 years prison</td><td></td></tr><tr><td><a href="/facts/John_Rusnak/Ppgmhzfo">John Rusnak</a><a class="footnote-ref" id="fnref:15" href="#fn:15"><sup>15</sup></a></td><td>Maryland, United States</td><td>2002</td><td>$691 million</td><td><a href="/facts/Allied_Irish_Banks/qjW9T996">Allied Irish Banks</a></td><td><a href="/facts/Foreign_exchange_market/NHnHPMhE">Foreign Exchange</a> <a href="/facts/Option_(finance)/5gJFXV3X">Options</a></td><td>7.5 years prison</td><td></td></tr><tr><td><a href="/facts/Chen_Jiulin/wrz58F4R">Chen Jiulin</a></td><td>Singapore</td><td>2005</td><td>$550 million</td><td><a href="/facts/China_Aviation_Oil/G0UStBnV">China Aviation Oil</a></td><td>Jet Fuel <a href="/facts/Futures_contract/4SD3dKty">Futures</a></td><td>4 years and 3 months prison</td><td></td></tr><tr><td>David BullenLuke DuffyVince FicarraGianni Gray</td><td>Melbourne, Australia</td><td>2003–2004</td><td>$187 million (A$360 million)</td><td><a href="/facts/National_Australia_Bank/aVzqB2Yy">National Australia Bank</a></td><td><a href="/facts/Foreign_exchange_market/NHnHPMhE">Foreign Exchange</a> <a href="/facts/Option_(finance)/5gJFXV3X">Options</a></td><td>3 years and 8 months prison2 years and 5 months prison2 years and 4 months prison16 months prison</td><td></td></tr><tr><td>Matthew Taylor<a class="footnote-ref" id="fnref:16" href="#fn:16"><sup>16</sup></a></td><td>United States</td><td>2007</td><td>$118 million</td><td><a href="/facts/Goldman_Sachs/cKeyh6CP">Goldman Sachs</a></td><td><a href="/facts/E-mini/Rldm5gbs">S&P 500 e-mini Futures</a></td><td>9 months prison<a class="footnote-ref" id="fnref:17" href="#fn:17"><sup>17</sup></a></td><td></td></tr><tr><td><a href="/facts/Joseph_Jett/VnYKtWF1">Joseph Jett</a></td><td>United States</td><td>1994</td><td>$74.6 million</td><td><a href="/facts/Kidder,_Peabody_%26_Co/gqsh0j73">Kidder, Peabody & Co</a></td><td>US <a href="/facts/Treasury_bonds/ggwu3txu">Treasury bonds</a>.</td><td>banishing trading securities</td><td></td></tr><tr><td>Stephen Perkins</td><td>London, United Kingdom</td><td>2009</td><td>$10 million</td><td>PVM Oil Futures</td><td><a href="/facts/Brent_Crude/GgG5gk6Y">Brent Crude</a></td><td>barred from working as a trader & £72,000 fine</td><td><a href="/facts/Oil_futures_drunk-trading_incident/otCg369N">Oil futures drunk-trading incident</a></td></tr></tbody></table> <h2 id="see-also">See also</h2> <ul><li><a href="/facts/List_of_trading_losses/7xDFwz2h">List of trading losses</a></li> <li><a href="/facts/Valuation_control/fQ630xuG">Valuation control</a></li></ul> <h2 id="references">References</h2> <ol> <li id="fn:1"><p>Ball, Deborah; Sonne, Paul; Mollenkamp, Carrick (September 16, 2011). "UBS: Rogue Trader Hit Firm". Wall Street Journal. Retrieved 2011-09-16. <a href="https://www.wsj.com/articles/SB10001424053111904060604576571931690088522" target="_blank">https://www.wsj.com/articles/SB10001424053111904060604576571931690088522</a> <a href="#fnref:1" class="footnote-back-ref">↩</a></p></li> <li id="fn:2"><p>Peter Nash (2017). Effective Product Control; Controlling for Trading Desks, Wiley. <a href="https://books.google.com/books?id=NiA3DwAAQBAJ&dq=%22mismarking%22+trader&pg=PA209" target="_blank">https://books.google.com/books?id=NiA3DwAAQBAJ&dq=%22mismarking%22+trader&pg=PA209</a> <a href="#fnref:2" class="footnote-back-ref">↩</a></p></li> <li id="fn:3"><p>"Citigroup to Pay More Than $10 Million for Books and Records Violations and Inadequate Controls". SEC.gov. <a href="https://www.sec.gov/news/press-release/2018-155-0" target="_blank">https://www.sec.gov/news/press-release/2018-155-0</a> <a href="#fnref:3" class="footnote-back-ref">↩</a></p></li> <li id="fn:4"><p>"Merrill Lynch Rogue Trader says system is broken". May 9, 2017. <a href="http://instituteforfinancialtransparency.com/2017/05/09/merrill-lynch-rogue-trader-says-system-is-broken/" target="_blank">http://instituteforfinancialtransparency.com/2017/05/09/merrill-lynch-rogue-trader-says-system-is-broken/</a> <a href="#fnref:4" class="footnote-back-ref">↩</a></p></li> <li id="fn:5"><p>John Gapper (2011). How to be a Rogue Trader <a href="https://books.google.com/books?id=D6hxfN_D_yUC&q=%22rogue+trader%22+securities" target="_blank">https://books.google.com/books?id=D6hxfN_D_yUC&q=%22rogue+trader%22+securities</a> <a href="#fnref:5" class="footnote-back-ref">↩</a></p></li> <li id="fn:6"><p>The SAGE Encyclopedia of Business Ethics and Society (2018). <a href="https://books.google.com/books?id=eHxTDwAAQBAJ&dq=%22rogue+trader%22+securities+leeson+billion&pg=PA214" target="_blank">https://books.google.com/books?id=eHxTDwAAQBAJ&dq=%22rogue+trader%22+securities+leeson+billion&pg=PA214</a> <a href="#fnref:6" class="footnote-back-ref">↩</a></p></li> <li id="fn:7"><p>Nick Leeson: biography part I. 2011-03-01. Retrieved 2012-02-23. Nick Leeson's trades initially generated 10% of Barings' annual profit <a href="http://www.nickleeson.com/biography/full_biography.html" target="_blank">http://www.nickleeson.com/biography/full_biography.html</a> <a href="#fnref:7" class="footnote-back-ref">↩</a></p></li> <li id="fn:8"><p>"Le trader livre sa version de l'affaire Société Générale". Le Monde, paper version. 29 January 2008. p. 1. Jérôme Kerviel said that his trading behavior was widespread at the company and that getting a profit makes the hierarchy turn a blind eye <a href="/wiki/Le_Monde" target="_blank">/wiki/Le_Monde</a> <a href="#fnref:8" class="footnote-back-ref">↩</a></p></li> <li id="fn:9"><p>Slater, Steve (September 15, 2011). "Factbox - UBS trader joins rogues' gallery of financial crime". UK.Reuters.com. Archived from the original on March 6, 2016. Retrieved 2011-09-15. <a href="https://web.archive.org/web/20160306101323/http://uk.reuters.com/article/uk-ubs-factbox-idUKTRE78E1A920110915" target="_blank">https://web.archive.org/web/20160306101323/http://uk.reuters.com/article/uk-ubs-factbox-idUKTRE78E1A920110915</a> <a href="#fnref:9" class="footnote-back-ref">↩</a></p></li> <li id="fn:10"><p>Slater, Steve (September 15, 2011). "Factbox - UBS trader joins rogues' gallery of financial crime". UK.Reuters.com. Archived from the original on March 6, 2016. Retrieved 2011-09-15. <a href="https://web.archive.org/web/20160306101323/http://uk.reuters.com/article/uk-ubs-factbox-idUKTRE78E1A920110915" target="_blank">https://web.archive.org/web/20160306101323/http://uk.reuters.com/article/uk-ubs-factbox-idUKTRE78E1A920110915</a> <a href="#fnref:10" class="footnote-back-ref">↩</a></p></li> <li id="fn:11"><p>"The curse of delta one strikes UBS". Financial Times. September 15, 2011. Retrieved 2011-09-15. <a href="http://ftalphaville.ft.com/blog/2011/09/15/678306/the-curse-of-delta-one-strikes-ubs/" target="_blank">http://ftalphaville.ft.com/blog/2011/09/15/678306/the-curse-of-delta-one-strikes-ubs/</a> <a href="#fnref:11" class="footnote-back-ref">↩</a></p></li> <li id="fn:12"><p>"Former UBS trader Adoboli sentenced to seven years for fraud". NBC News. 20 November 2012. <a href="http://www.nbcnews.com/business/business-news/former-ubs-trader-adoboli-sentenced-seven-years-fraud-flna1C7172741" target="_blank">http://www.nbcnews.com/business/business-news/former-ubs-trader-adoboli-sentenced-seven-years-fraud-flna1C7172741</a> <a href="#fnref:12" class="footnote-back-ref">↩</a></p></li> <li id="fn:13"><p>Slater, Steve (September 15, 2011). "Factbox - UBS trader joins rogues' gallery of financial crime". UK.Reuters.com. Archived from the original on March 6, 2016. Retrieved 2011-09-15. <a href="https://web.archive.org/web/20160306101323/http://uk.reuters.com/article/uk-ubs-factbox-idUKTRE78E1A920110915" target="_blank">https://web.archive.org/web/20160306101323/http://uk.reuters.com/article/uk-ubs-factbox-idUKTRE78E1A920110915</a> <a href="#fnref:13" class="footnote-back-ref">↩</a></p></li> <li id="fn:14"><p>Slater, Steve (September 15, 2011). "Factbox - UBS trader joins rogues' gallery of financial crime". UK.Reuters.com. Archived from the original on March 6, 2016. Retrieved 2011-09-15. <a href="https://web.archive.org/web/20160306101323/http://uk.reuters.com/article/uk-ubs-factbox-idUKTRE78E1A920110915" target="_blank">https://web.archive.org/web/20160306101323/http://uk.reuters.com/article/uk-ubs-factbox-idUKTRE78E1A920110915</a> <a href="#fnref:14" class="footnote-back-ref">↩</a></p></li> <li id="fn:15"><p>Slater, Steve (September 15, 2011). "Factbox - UBS trader joins rogues' gallery of financial crime". UK.Reuters.com. Archived from the original on March 6, 2016. Retrieved 2011-09-15. <a href="https://web.archive.org/web/20160306101323/http://uk.reuters.com/article/uk-ubs-factbox-idUKTRE78E1A920110915" target="_blank">https://web.archive.org/web/20160306101323/http://uk.reuters.com/article/uk-ubs-factbox-idUKTRE78E1A920110915</a> <a href="#fnref:15" class="footnote-back-ref">↩</a></p></li> <li id="fn:16"><p>"Rogue trader should pay $118 million to Goldman Sachs: US". CNBC. December 3, 2013. Retrieved 2013-12-03. <a href="https://www.cnbc.com/2013/12/03/rogue-trader-should-pay-118-million-to-goldman-sachs-us.html" target="_blank">https://www.cnbc.com/2013/12/03/rogue-trader-should-pay-118-million-to-goldman-sachs-us.html</a> <a href="#fnref:16" class="footnote-back-ref">↩</a></p></li> <li id="fn:17"><p>Abrams, Rachel (December 6, 2013). "Ex-Goldman Trader Sentenced to 9 Months in Prison". DealBook. <a href="https://dealbook.nytimes.com/2013/12/06/ex-goldman-trader-sentenced-to-9-months-in-prison/" target="_blank">https://dealbook.nytimes.com/2013/12/06/ex-goldman-trader-sentenced-to-9-months-in-prison/</a> <a href="#fnref:17" class="footnote-back-ref">↩</a></p></li> </ol>