Uploaded December 2025 | Updated September 2026, 2 weeks ago
Nick Leeson is an English former derivatives trader who caused the collapse of Barings, London’s oldest merchant bank, which had operated for 233 years. Working in the bank’s Singapore office, he made a series of unauthorized speculative trades that ultimately lost $1.2 billion.
Leeson joined Barings in 1989 and by 1992 was running its new futures operation in Singapore. Concealing losses in a secret “88888” error account, he hid the scale of his bets from London as deficits ballooned. By 1994, his risky “long straddle” trades were losing millions. After doubling down during the 1995 Kobe earthquake, his losses exploded, wiping out the bank. Leeson fled to Malaysia but was caught and extradited to Singapore, where he served over four years for fraud. In 1999, he published his memoir which was made into a 1999 film, "Rogue Trader."
Leeson speaks to Business Insider about the lifestyle of bankers in Singapore, how illegal trades happen, and the early signs of fraud.
Leeson is now active on the keynote and after-dinner speaking circuit, advising companies about risk and corporate responsibility. Since 2023, he has been a private investigator dealing with cases of financial misconduct. He also hosts the "Rogue Trader" podcast.
Read "He was diagnosed with colon cancer at 31 in prison, and his survival odds weren't great. Now 59, he says spiraling is pointless": bit.ly/40MhGnr
For more:
nmplive.co.uk/nick-leeson
nickleeson.com
00:00 - Introduction
00:30 - The 88888 Account
05:52 - The Trades
08:04 - The Bonuses
10:43 - The Denial
13:04 - The Losses
18:29 - The Downfall
24:48 - The Manhunt
27:40 - The Arrest
29:42 - The Prisons
37:11 - The Fallout
39:44 - The Aftermath
42:27 - The Future
47:59 - Credits
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#roguetrader #bankfrauds #speculative #illegaltrade #financialmisconduct #fraud #derivativestrading #howcrimeworks
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How Billion-Dollar Bank Fraud Actually Works | How Crime Works | Insider
Nick Leeson is an English former derivatives trader who caused the collapse of Barings, London’s oldest merchant bank, which had operated for 233 years. Working in the bank’s Singapore office, he made a series of unauthorized speculative trades that ultimately lost $1.2 billion.
Leeson joined Barings in 1989 and by 1992 was running its new futures operation in Singapore. Concealing losses in a secret “88888” error account, he hid the scale of his bets from London as deficits ballooned. By 1994, his risky “long straddle” trades were losing millions. After doubling down during the 1995 Kobe earthquake, his losses exploded, wiping out the bank. Leeson fled to Malaysia but was caught and extradited to Singapore, where he served over four years for fraud. In 1999, he published his memoir which was made into a 1999 film, "Rogue Trader."
Leeson speaks to Business Insider about the lifestyle of bankers in Singapore, how illegal trades happen, and the early signs of fraud.
Leeson is now active on the keynote and after-dinner speaking circuit, advising companies about risk and corporate responsibility. Since 2023, he has been a private investigator dealing with cases of financial misconduct. He also hosts the "Rogue Trader" podcast.
Read "He was diagnosed with colon cancer at 31 in prison, and his survival odds weren't great. Now 59, he says spiraling is pointless": bit.ly/40MhGnr
For more:
nmplive.co.uk/nick-leeson
nickleeson.com
00:00 - Introduction
00:30 - The 88888 Account
05:52 - The Trades
08:04 - The Bonuses
10:43 - The Denial
13:04 - The Losses
18:29 - The Downfall
24:48 - The Manhunt
27:40 - The Arrest
29:42 - The Prisons
37:11 - The Fallout
39:44 - The Aftermath
42:27 - The Future
47:59 - Credits
------------------------------------------------------
#roguetrader #bankfrauds #speculative #illegaltrade #financialmisconduct #fraud #derivativestrading #howcrimeworks
MORE HOW CRIME WORKS VIDEOS:
How The Dark Web Actually Works
youtu.be/5HfeIAsQKCE
How Illegal Sports Betting Actually Works
youtu.be/4OkOLPx8H6w
How Drug Pilots Actually Work (Medellin Cartel)
youtu.be/UdzxHnzgbOI
Insider's mission is to inform and inspire.
Visit our homepage for the top stories of the day: businessinsider.com
Insider on Facebook: facebook.com/insider
Insider on Instagram: instagram.com/insider
Insider on Twitter: twitter.com/thisisinsider
Insider on Snapchat: snapchat.com/discover/Insider/2708030621
Insider on TikTok: tiktok.com/@insider
How Billion-Dollar Bank Fraud Actually Works | How Crime Works | Insider
