02 July 2015

Rogue trader Leeson gets online gambling bug

09 January 2006  |  14463 views  |  0 Nick Leeson, rogue trader

Nick Leeson, the rogue trader who destroyed Barings Bank by racking up $1.3bn in derivatives trading losses, has resurfaced as a professional Internet poker player on the Celebpoker.com gambling site.

According to Celebpoker.com, online poker has become Leeson's main source of income. Last week alone he won $25,000 in a no-limits cash game on the site.

Leeson, who was introduced to online poker by former footballer Vinnie Jones, says what started out as a hobby has now become a lucrative side-line.

But despite the $25,000 win, Leeson claims to have learned from his mistakes and says he generally doesn't gamble big money on the site.

"The returns on the money can be phenomenal but I am well aware that I can lose too, so I won't be repeating the mistakes I made in the past," he says.

In 1995 Leeson was gaoled for six-and-a-half years for his part in the collapse of the UK's oldest merchant bank, Barings. Whilst working as an investment operations officer for Barings in Singapore, Leeson racked up losses of $1.3bn by making massive bets on interest rate movements. When the accounting fraud was discovered by Barings executives Leeson went on the run.

Barings eventually crashed and was bought for just £1 by Dutch banking group ING.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

30 September, 2005
11 March, 2005
02 March, 2005
17 June, 2002
28 March, 2002

Top topics

Most viewed Most shared
Barclays takes on Apple with wearable paym...
8554 views comments | 38 tweets | 34 linkedin
Singapore pledges S$225m to fintech
6920 views comments | 29 tweets | 20 linkedin
Wells Fargo to usher in voice and facial b...
6450 views comments | 20 tweets | 26 linkedin
US banks pump $16.6bn into digital transfo...
5885 views comments | 35 tweets | 22 linkedin
Greeks flock to Bitcoin
5430 views comments | 30 tweets | 18 linkedin

Featured job

to c. £100k+ base, double OTE
London, UK

Find your next job