Hmmm... just reading about the sentencing of rogue trader John Rusnak, 38, to 7.5 years in jail for currency fraud that led to $1.2billion in losses for Allfirst Financial.
He was faced with up to a 30 year sentence which was reduced due to plea bargaining.
He also must repay $1710/month for his 5 year probation period. In addition, any future income from books etc due to his infamous appeal is to be forfeited as restitution.
"Prosecutors said he dug himself a deeper hole by taking ever-larger risks as he tried to recoup the money he had lost."
We remember that Nick Leeson as the rogue trader who brought down Barings with his $2billion fraud got into the same situation.
Derivatives traders have a reputation as 'heads' and the ego can prevent rationality at important points of decision.
Lesson: Don't chase losses ... the journey from trader to gambler can be a fine line.
Cheers ...
This is only my view ... read the red stuff.
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- timely lesson for all ...
timely lesson for all ...
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