Case ID: HKU442     Solution ID: 28273

Rogue Trader at Daiwa Bank A Case Solution


In 1995, Sumio Abekawa, Daiwa Bank's leader, got a letter on July 18 from Toshihide Iguchi, VP of the bank's New York branch. In that letter, Iguchi admitted that throughout 11 years, he lost about $1.1 billion (around 123 billion yen) through the unapproved exchanging of United States Treasury Bonds and had sold securities the bank had in care to cover misfortunes. After two months, Daiwa's senior administration reported the misfortune to the Federal Reserve Board of New York (FRB) and the New York State Banking Department. The bank chiefs confronted a few inquiries

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