A big fraud was made in India, in 1992, by a great success broker with over 10 years of experience. Having a broker company at the beginning of the '90's , Harshad Mehta obtained funds from the bank market, which he operated at Bombay Stock Exchange. In 1992 the Indian stock exchange collapsed, the total lost being around 1.3 billion dollars, all being made by Mehta. "The Big Bull", as he was called ended in jail , where he died 10 years later.
Beside the 72 penal accusations, there were another 600 civil processes opened against him, many of them not being solved until his dead.
The manipulation of prices with the role of dominating a market was signaled in Japan in 1996. In this case, Yasuo Hamanaka, chief of copper trading department on Japan market, made in 10 years operations that lead to lost of 2.6 billion dollars. He was sentenced to 8 years in prison.
But there are frauds which cause major loses, but no profit for the one that makes it. One trader from Allied Irish Bank, the biggest Irish bank, managed to lose about 750 million dollars with foreign exchange market. Beside the damage he made to the corporate in USA where he was employed, trader John Rusnak made 850,000 dollars from salary bonuses between 1997 and 2001. Rusnak covered his loses with fake reports to the bank, for which he was sentenced to 8 years in prison.
Another famous case for the big sum involved, but which doesn't implicate fraud is the one of the american John Meriwether, financial director of investment bank Salomon Brothers. Long Term Capital Management, created by him, raised in 2 years to 1.3 billion dollars, but failed because the financial crises in Russia , in 1998. But he went further and now he is ruling his own investment fund, JWM Partners, created in 1999 with 250 million dollars, sum that raised until now to 2.6 billion dollars.
Beside the 72 penal accusations, there were another 600 civil processes opened against him, many of them not being solved until his dead.
The manipulation of prices with the role of dominating a market was signaled in Japan in 1996. In this case, Yasuo Hamanaka, chief of copper trading department on Japan market, made in 10 years operations that lead to lost of 2.6 billion dollars. He was sentenced to 8 years in prison.
But there are frauds which cause major loses, but no profit for the one that makes it. One trader from Allied Irish Bank, the biggest Irish bank, managed to lose about 750 million dollars with foreign exchange market. Beside the damage he made to the corporate in USA where he was employed, trader John Rusnak made 850,000 dollars from salary bonuses between 1997 and 2001. Rusnak covered his loses with fake reports to the bank, for which he was sentenced to 8 years in prison.
Another famous case for the big sum involved, but which doesn't implicate fraud is the one of the american John Meriwether, financial director of investment bank Salomon Brothers. Long Term Capital Management, created by him, raised in 2 years to 1.3 billion dollars, but failed because the financial crises in Russia , in 1998. But he went further and now he is ruling his own investment fund, JWM Partners, created in 1999 with 250 million dollars, sum that raised until now to 2.6 billion dollars.
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