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{{short description|English former derivatives trader (born 1967)}}
{{About|the derivatives broker|the racing driver|Nick Leason}}
{{Use dmy dates|date=February 2021}}
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| spouse = {{Ubl
|{{Marriage|Lisa Sims|1992|1997|end=div}}<ref>{{cite news|url=http://news.bbc.co.uk/2/hi/uk_news/147099.stm|title=Leeson to have cancer operation|date=8 August 1998|publisher=[[BBC News]]|access-date=26 November 2012|archive-date=3 August 2013|archive-url=https://web.archive.org/web/20130803070849/http://news.bbc.co.uk/2/hi/uk_news/147099.stm|url-status=live}}</ref>
|{{Marriage|Leona Tormay|2003}}
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'''Nicholas William Leeson'''<ref name="bio_p2">{{cite web|date=1 March 2011|title=Nick Leeson: biography part II|url=http://www.nickleeson.com/biography/full_biography_02.html|access-date=23 February 2012|archive-date=5 February 2012|archive-url=https://web.archive.org/web/20120205155014/http://www.nickleeson.com/biography/full_biography_02.html|url-status=live}}</ref> (born 25 February 1967) is an English former [[derivative (finance)|derivatives]] [[Trader (finance)|trader]] whose fraudulent, unauthorised and [[speculation|speculative]] trades resulted in the 1995 collapse of [[Barings Bank]], the United Kingdom's second oldest [[merchant bank]].
Between 2005 and 2011, Leeson had senior management roles at [[League of Ireland]] club [[Galway United F.C.|Galway United]]. After it suffered financial difficulties, he resigned from his position as chief executive officer.
==Early life==
Nick Leeson was born in [[Watford]], [[Hertfordshire]],
In 1987, Leeson moved to [[Morgan Stanley]]'s Futures and Options [[back office]], clearing and settling listed [[derivative (finance)|derivatives]] transactions. With few prospects for a front office role, he joined [[Barings Bank]] two years later, at £12,000 ({{Inflation|UK|12000|1987|fmt=eq|cursign=£}}) a year. With four other settlement specialists,
==Career==
===Barings Bank===
In April 1992, Barings decided to open a Futures and Options office in Singapore, executing and clearing transactions on the [[Singapore International Monetary Exchange]] (SIMEX).<ref name="nytimes">{{cite news|author=Floyd Norris|date=31 March 1996|title=Upper-Class Twits Made Me Do It|newspaper=[[New York Times]]|url=https://www.nytimes.com/1996/03/31/books/upper-class-twits-made-me-do-it.html|access-date=23 February 2012|archive-date=28 August 2011|archive-url=https://web.archive.org/web/20110828155742/http://www.nytimes.com/1996/03/31/books/upper-class-twits-made-me-do-it.html|url-status=live}}</ref> Barings had held a seat on SIMEX for some time
From 1992, Leeson made unauthorised [[speculation|speculative]] trades that
===Downfall and imprisonment===
By the end of 1992, the error account's losses exceeded £2 million, increasing to £23 million in late 1993. This amount then ballooned to £208 million by the end of 1994.<ref name="NF">{{cite web|last=Monthe|first=Paul|date=February 2007|title=How Nick Leeson caused the collapse of Barings Bank|url=https://www.next-finance.net/How-Nick-Leeson-caused-the|access-date=4 December 2018|publisher=Next Finance|archive-date=4 December 2018|archive-url=https://web.archive.org/web/20181204195138/https://www.next-finance.net/How-Nick-Leeson-caused-the|url-status=live}}</ref> Leeson had followed a [[Martingale (betting system)|"doubling" strategy]]: every time he lost money, he would bet double the amount that was lost
The beginning of the end occurred on 16 January 1995, when Leeson placed a [[short straddle]] in the [[Stock Exchange of Singapore|Singapore]] and [[Tokyo stock exchange|Tokyo]] [[stock exchange]]s, essentially betting that the Japanese stock market would not move significantly overnight.
Leeson left a note reading, "I'm sorry" and fled Singapore on 23 February. Losses eventually reached £827 million ([[US dollar|US$]]1.4 billion), twice Barings' available trading capital. After a failed [[bailout]] attempt, Barings, which had been the UK's oldest [[merchant bank]], was declared insolvent on 26 February.<ref name="25 Million Pounds">{{cite web|date=27 December 2009|title=25 Million Pounds|url=http://documentarystorm.com/25-million-pounds/|url-status=dead|archive-url=https://web.archive.org/web/20120329221650/http://documentarystorm.com/25-million-pounds/|archive-date=29 March 2012|access-date=23 February 2012}}</ref> After fleeing to Malaysia, Thailand and finally Germany, Leeson was arrested in [[Frankfurt]] and [[extradition|extradited]]
Leeson pleaded guilty to two counts of "deceiving the bank's auditors and of cheating the Singapore exchange",<ref name="bio_p2" /> including [[forgery|forging]] documents.<ref>{{cite web|title=Nick Leeson: Rogue Trader|url=http://www.crimeandinvestigation.co.uk/crime-files/nick-leeson-rogue-trader/biography.html|publisher=[[Crime & Investigation Network]]|access-date=24 February 2012|archive-date=2 February 2012|archive-url=https://web.archive.org/web/20120202220705/http://www.crimeandinvestigation.co.uk/crime-files/nick-leeson-rogue-trader/biography.html|url-status=live}}</ref> District judge Richard Magnus
==Post-release career==
In 2003, as a mature student, Leeson completed a BSc in Psychology at [[Middlesex University
===Galway United F.C.===
Leeson was appointed commercial manager of [[Galway United F.C.]] in April 2005, rising to the position of general manager in November 2005.<ref name="bbc_rogue" /> By July 2007 he had become the club's chief executive officer. In February 2011, after the club encountered financial problems, he resigned his position.<ref>{{cite news|author=Brendan White|date=2 February 2011|title=Leeson resigns Galway Utd CEO position|url=http://www.extratime.ie/newsdesk/articles/4865/|url-status=dead|access-date=23 February 2012|archive-url=https://web.archive.org/web/20120514034618/http://www.extratime.ie/newsdesk/articles/4865|archive-date=14 May 2012}}</ref>
===Investigator of financial misconduct===
In March 2023, Leeson joined Red Mist Market Enforcement Unit, a corporate intelligence firm run by former Black Cube operative Seth Freedman, and turned into an investigator of financial misconduct cases.<ref>{{cite news|date=22 March 2023|location=Singapore|work=The Straits Times|title=Rogue trader Nick Leeson who brought down a bank turns investigator of financial misdeeds|url=https://www.straitstimes.com/business/former-british-rogue-trader-who-served-time-in-s-pore-prison-reemerges-as-a-private-spy|access-date=22 March 2023|archive-date=22 March 2023|archive-url=https://web.archive.org/web/20230322145915/https://www.straitstimes.com/business/former-british-rogue-trader-who-served-time-in-s-pore-prison-reemerges-as-a-private-spy|url-status=live}}</ref>
===Media appearances===
In June 2005, Leeson released a new book, ''Back from the Brink: Coping with Stress''. It picks up his story where ''Rogue Trader'' left off, including in-depth conversations with psychologist [[Ivan Tyrrell]]. In 2013 he appeared in ''[[Celebrity Apprentice Ireland]]'' on [[TV3 (Ireland)|TV3]].<ref>{{cite web|title=Judges and Contestants|url=http://www.tv3.ie/shows_contestants.php?request=thecelebrityapprentice|url-status=dead|archive-url=https://web.archive.org/web/20130927210701/http://www.tv3.ie/shows_contestants.php?request=thecelebrityapprentice|archive-date=27 September 2013|access-date=25 September 2013|work=TV3.ie}}</ref>
In July 2015, Singapore's national daily newspaper ''[[The Straits Times]]'' published an e-book titled ''Guilty As Charged: 25 Crimes That Have Shaken Singapore Since 1965'', which included the Nick Leeson case as one of the top 25 crimes that shocked the nation since its independence in 1965. The book was borne out of collaboration between the Singapore Police Force and the newspaper itself. The paperback edition of the book was published and first appeared on the bookshelves in late June 2017. The paperback edition first entered the ST bestseller list on 8 August 2017, a month after its publication.<ref>{{Cite news|date=14 May 2016|title=Guilty As Charged: Shocking crimes that have shaken Singapore since 1965|website=The Straits Times|url=https://www.straitstimes.com/singapore/courts-crime/guilty-as-charged-25-crimes-that-have-shaken-singapore-since-1965|access-date=6 January 2021|archive-date=15 May 2016|archive-url=https://web.archive.org/web/20160515111637/https://www.straitstimes.com/singapore/courts-crime/guilty-as-charged-25-crimes-that-have-shaken-singapore-since-1965|url-status=live}}</ref><ref>{{Cite news|date=8 August 2017|title=Guilty As Charged: 25 crimes that shook Singapore|website=The Straits Times|url=https://www.straitstimes.com/lifestyle/arts/guilty-as-charged-25-crimes-that-shook-singapore|access-date=6 January 2021|archive-date=11 August 2017|archive-url=https://web.archive.org/web/20170811234031/https://www.straitstimes.com/lifestyle/arts/guilty-as-charged-25-crimes-that-shook-singapore|url-status=live}}</ref><ref>{{Cite web|title=Guilty As Charged: Rogue trader Nick Leeson brought down Britain's oldest merchant bank Barings|url=https://www.straitstimes.com/singapore/courts-crime/guilty-as-charged-rogue-trader-nick-leeson-brought-down-britains-oldest|date=15 May 2016|access-date=6 January 2021|website=The Straits Times|archive-date=8 January 2021|archive-url=https://web.archive.org/web/20210108152508/https://www.straitstimes.com/singapore/courts-crime/guilty-as-charged-rogue-trader-nick-leeson-brought-down-britains-oldest|url-status=live}}</ref>
On 5 April 2007, ''[[The Guardian]]'' reported that [[KPMG]], the liquidators of Barings, had sold a [[trading jacket]] thought to have been worn by Leeson while trading on SIMEX in Singapore. The jacket was offered for sale on [[eBay]] but it failed to reach its reserve price despite a highest bid of £16,100. It was subsequently sold for £21,000.<ref>{{cite news|last=Wearden|first=Graeme|date=5 April 2007|title=Nick Leeson's jacket raises £21,000|newspaper=[[The Guardian]]|location=London|url=https://www.theguardian.com/business/2007/apr/05/money1|access-date=23 February 2012|archive-date=3 April 2010|archive-url=https://web.archive.org/web/20100403235026/http://www.guardian.co.uk/business/2007/apr/05/money1|url-status=live}}</ref> In October 2007 a similar jacket used by Leeson's team but not thought to have been worn by Leeson himself sold at auction for £4,000.<ref>{{cite web|date=16 October 2007|title=Howard makes his mark at Norwood's Distressed Investing Dinner|url=http://www.norwood.org.uk/contact-us/pr-media/newsarchive/2007/Fundraising+News/distressed_investing_dinner_2007.htm|url-status=dead|archive-url=https://web.archive.org/web/20120225163904/http://www.norwood.org.uk/contact-us/pr-media/newsarchive/2007/Fundraising+News/distressed_investing_dinner_2007.htm|archive-date=25 February 2012|access-date=23 February 2012|publisher=[[Norwood (charity)|Norwood]]}}</ref>
His name is mentioned in the credits of ''[[Rogue Trader (film)|Rogue Trader]]'' together with Barings Bank losses of US$1,400,000,000.
== Personal life ==
Leeson married Lisa Sims, later also known as Lisa Leeson, on March 21 1992. The couple met in Jakarta, where both were working on Barings [[Jakarta]]'s office in 1990.<ref name="RogueTrader" /> Sims resigned from Barings Bank following her marriage to Leeson.
The couple divorced in 1997, a year after Leeson's arrest. Sims later worked as a flight attendant for [[Virgin Atlantic]].<ref name="RogueTrader" />
In 2003, four years after his release from Changi Prison, Leeson married Leona Tormay, an Irish [[Cosmetology#Esthetician|beautician]].<ref>{{cite news |last=McDonald |first=Brian |date=14 June 2003 |title=Rogue trader Leeson ties knot with Irish love |newspaper=[[Irish Independent]] |url=http://www.independent.ie/national-news/rogue-trader-leeson-ties-knot-with-irish-love-217095.html |url-status=live |access-date=23 February 2012 |archive-url=https://web.archive.org/web/20120124105634/http://www.independent.ie/national-news/rogue-trader-leeson-ties-knot-with-irish-love-217095.html |archive-date=24 January 2012}}</ref>
He lives in [[Galway]] as of 2023.<ref>{{cite news|date=22 March 2023|work=The Guardian|title=Former ‘rogue trader’ Nick Leeson joins corporate private eye firm|url=https://www.theguardian.com/business/2023/mar/22/former-rogue-trader-nick-leeson-joins-corporate-private-eye-firm|access-date=22 March 2023|archive-date=22 March 2023|archive-url=https://web.archive.org/web/20230322150145/https://www.theguardian.com/business/2023/mar/22/former-rogue-trader-nick-leeson-joins-corporate-private-eye-firm|url-status=live}}</ref>
==Works==
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* [[Chia Teck Leng]]
* [[Clarence Hatry]]
* [[Bill Hwang]]
* [[Speculation]] in financial markets
* [[List of trading losses]]
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[[Category:Irish expatriates in England]]
[[Category:Fugitives wanted by Singapore]]
[[Category:Ig Nobel laureates]]
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