12 Bankers Who Ended Up Doing Time In Jail

Prison Window

Hedge fund manager Raj Rajaratnam is appealing his conviction on 14 counts of securities fraud and conspiracy, but here's a note of bankers who ended up doing jail time.

Bernie Madoff,  2009 - 150 years for that $60bn Ponzi scheme

Yasuo Hamanaka, Sumitomo  Corp., 1998 - served 7 years for unauthorised copper trading that gave rise to losses of $2.6bn

John Rusnak, Allied Irish Banks, 2003 - served just under 6 years for $695m in unauthorized currency losses

Bradley Birkenhead, UBS private banker, 2009 - 40 months in respect of a private banking tax evasion scandal

Nick Leeson, Barings, 1996 - served just short of 3 years for unauthorised trading losses of $1.13bn (which caused Barings to fail)

Toshihida Iguchi, Daiwa Bank, 1997 - served 2 years for unauthorised trading losses stretching back 11 years and incorporating 30,000 unauthorized trades.

The NatWest 3 (Giles Darby, David Birmingham, Gary Mulgrew),  Greenwich NatWest, 2008 - served 22 months after admitting one count of wire fraud in an Enron related case

Michael Milken, Drexel Burnham Lambert, 1990 - served 22 months after pleading guilty to six counts of securities and tax violations

Dennis Levine, Drexel Burnham Lambert, 1987 - served 17 months for insider trading

Daniel Bayly, former head of investment banking, Merrill Lynch, 2005 - served 11 months for alleged Enron-related crimes. Overturned on appeal.

Have something to tell us about this article?

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...