Rogue trader Nick Leeson ‘boasts he is doing very well on the stock market’ amid the coronavirus pandemic
- Leeson ‘said “markets exist through crises” after declared he is “back trading”‘
- He boasted ‘we are continuing to have another few great and profitable weeks’
- Leeson was jailed for six-and-a-half years after Barings Bank went bust in 1995
- Learn more about how to help people impacted by COVID
Former broker Nick Leeson has reportedly claimed he is doing ‘very well’ by dealing on the stock market amid the coronavirus crisis.
The rogue trader, who was jailed for six-and-a-half years after Barings Bank went bust in 1995, insisted ‘markets exist through crises’ as he confirmed he is ‘back trading’ in a Facebook post.
In the post, which was seen by the Sun, Leeson is said to have declared ‘we are continuing to have another few great and profitable weeks’, while appearing to disregard those who are struggling financially due to the pandemic.
Leeson, 53, who was born in Watford, Hertfordshire, added: ‘It really doesn’t matter if it’s the Gulf War, Coronavirus, Boris Johnson getting sick, Trump tweeting or a banking collapse, the markets react.
Former broker Nick Leeson (pictured) has reportedly claimed he is doing ‘very well’ by dealing on the stock market amid the coronavirus crisis
‘That’s the beauty of a capitalist society where we have freedom of speech and a free market economy.’
Former Metropolitan Police detective chief inspective Mick Neville said it is in ‘very poor taste to boast about profits’, adding Leeson should ‘give all his profits to the health service.’
The 53-year-old, who runs an online trading service, has continued to post a commentary about his activity on the stock market to Facebook throughout the nationwide lockdown, which began on March 23.
In another post, he wrote: ‘The historic collapse in oil yesterday caught the markets and me by surprise, worrying already nervous investors.
‘This shows how deep rooted the economic damage from the pandemic can be. Nobody wants oil for delivery this month: there is no demand and no capacity, either location or financial to receive oil.
‘Never happened before and the ripple is spreading. What will happen as we approach expiry next month?’
Leeson, 53, added: ‘It really doesn’t matter if it’s the Gulf War, Coronavirus, Boris Johnson getting sick, Trump tweeting or a banking collapse, the markets react’
Leeson (pictured) worked for Barings Bank between 1989 and 1995, trading speculatively in Singapore and hiding his losses in an ‘errors account’
Leeson worked for Barings Bank between 1989 and 1995, trading speculatively in Singapore and hiding his losses in an ‘errors account’.
He memorably left a note reading ‘I’m sorry’ as losses reached £827million – twice the bank’s available trading capital.
Leeson fled Singapore for Malaysia, Thailand, and eventually Germany.
He was arrested in Frankfurt and extradited back to Singapore in November 1995.
He pleaded guilty to two counts of ‘deceiving the bank’s auditors and of cheating the Singapore exchange’ and was sentenced to six-and-a-half years.
Leeson has since had management roles at League of Ireland club Galway United and he appeared on Celebrity Big Brother in 2018, where he finished in fourth place.
A representative for Leeson has been contacted for comment.