Toshihide Iguchi

is a former Japanese government bond trader at Daiwa Bank responsible for $1.1 billion in losses involving 30,000 unauthorized trades over a period of 11 years beginning in 1984. [ [http://query.nytimes.com/gst/fullpage.html?res=990CE7D7173DF934A1575AC0A963958260 An Unusual Path to Big-Time Trading - New York Times] ]

Biography

Originally born in Kobe, Japan, Iguchi came to the US at age 20 to enroll in Missouri Southern State University where he majored in psychology. [ [http://www.erisk.com/Learning/CaseStudies/Daiwa.asp Case Study - Daiwa] ] After a stint in a car dealership, he was hired at Daiwa's New York branch to work in the back office. Later, he was promoted to the role of a bond trader where he almost immediately encountered a loss of $200,000. [http://www.time.com/time/magazine/1997/int/970210/interview.i_didnt_set.html I didn't set out to rob a bank - Time Magazine] ] According to Iguchi, concealing this loss to protect his reputation and job was the impetus for his subsequent unauthorized trading

In 1995, he was sentenced to four years in jail for fraud and falsifying documents. He also received $2.6 million in fines.

Iguchi later authored a book titled, "My Billion Dollar Education " about his experiences.

ee also

* List of trading losses

References

External links

* [http://query.nytimes.com/gst/fullpage.html?res=990CE7D7173DF934A1575AC0A963958260 An Unusual Path to Big Time Trading] - NY Times
* [http://www.erisk.com/Learning/CaseStudies/Daiwa.asp Daiwa Case Study] - Bancware ERisk Case Study
* [http://www.time.com/time/magazine/1997/int/970210/interview.i_didnt_set.html "I didn't set out to rob a bank"] - Time Interview Feb. 1997