Galway United F.C
What was the name of the employer Nick Leeson work for from 2005 to 2011?
Nick Leeson Nicholas William Leeson ( born 25 February 1967 ) is an English former derivatives trader notorious for bankrupting Barings Bank , the United Kingdoms oldest merchant bank . He was a rogue trader who made fraudulent , unauthorized and speculative trades , and his actions led directly to the 1995 collapse of the bank , for which he was sentenced to prison . Between 2005 and 2011 , Leeson had management roles at League of Ireland club Galway United . After suffering financial difficulties and going into bankruptcy , the club dropped out of the League of Ireland after the 2011 season . He is also active on the keynote and after-dinner speaking circuit , where he advises companies about risk and corporate responsibility . Leeson competed in the UK Celebrity Big Brother 2018 , where he finished in fourth place . Early life . Nick Leeson was born in Watford , Hertfordshire and attended Parmiters School in nearby Garston . Born to working-class parents on a council estate , his father was a self-employed plasterer , his mother a nurse . After finishing sixth form in 1985 with six O Levels and two A level passes in English Literature and History with C and D grades respectively ( failing his third subject , Mathematics ) , Leeson was hired as a clerk with the Lombard Street branch of the Coutts private bank . There , Leeson was settling paper cheques , crediting and debiting client accounts . In 1987 , Leeson moved to Morgan Stanleys Futures and Options back office , clearing and settling listed derivatives transactions . With few prospects for a front office role , Leeson joined Barings Bank two years later , on a salary of £12,000 a year . With four other settlement specialists , he was briefly seconded to Hong Kong to troubleshoot Barings back office in the Indonesian capital of Jakarta . Leeson returned to London in September 1991 to investigate a case of fraud between a client and a Barings employee . The employee had used the clients account to trade on a proprietary basis until margin calls from the clearinghouses unraveled the scheme . Career . In April 1992 , Barings decided to open a Future and Options office in Singapore , executing and clearing transactions on the Singapore International Monetary Exchange ( SIMEX ) . Barings had held a seat on SIMEX for some time , but did not activate it until Leeson , appointed general manager , was sent over to head both front office and back office operations . Prior to leaving , Leeson was denied a brokers licence in the UK because of committing fraud on his application . He had failed to report a judgment against him entered by the National Westminster Bank . Neither Leeson nor Barings disclosed this denial when he applied for his licence in Singapore . From 1992 , Leeson made unauthorised speculative trades that at first made large profits for Barings : £10 million , which accounted for 10% of Barings annual profit . He earned a bonus of £130,000 on his salary of £50,000 for that year . Leesons luck soon went sour and he used one of Barings error accounts ( accounts used to correct mistakes made in trading ) to hide his losses . He says that this account was first used to hide an error made by one of his colleagues . She had been assigned to buy twenty futures contracts for Fuji Bank , but had sold them instead , costing Barings £20,000 . However , Leeson used this error account to cover further bad trades by himself and others . For example , he used it to cover a number of mistakes made by one of his traders who frequently came to work after long nights of partying . Leeson believes that he first crossed into out-and-out criminal conduct when he forgot to reconcile a discrepancy of 500 contracts , costing Barings US$1.7 million . He concluded that the only way to hide such a massive error and keep his job was to hide it in the error account . Leeson insists that he never used the account for his own gain , but in 1996 The New York Times quoted British press reports as saying that investigators had located approximately $35 million in various bank accounts tied to him . Management at Barings also allowed Leeson to remain general manager and chief trader while also being responsible for settling his trades . In the latter role , he was responsible for ensuring accurate accounting for the trading operation . These jobs were usually held by two different people , and allowing Leeson to do both made it much simpler for him to hide his losses from his superiors in Singapore and London . Downfall and imprisonment . By the end of 1992 , the error accounts losses exceeded £2 million , increasing to £23 million in late 1993 . This amount ballooned to £208 million by the end of 1994 . Leeson had followed a doubling strategy : every time he lost money , he would bet double the amount that was lost in order to recoup the amount . This had been successful for him in the past , including once in 1993 where he was able to cover a £6 million negative balance in the error account and after which he vowed not to use the account again . However , Leeson had to maintain his reputation as a trading genius and soon found himself hiding his losses there again . As the losses grew higher and higher , Leeson fabricated cover stories to explain why he needed more cash from London . His sterling reputation protected him from close scrutiny . The beginning of the end occurred on 16 January 1995 , when Leeson placed a short straddle in the Singapore and Tokyo stock exchanges , essentially betting that the Japanese stock market would not move significantly overnight . However , the Kobe earthquake hit early in the morning on 17 January , sending Asian markets , and Leesons trading positions , into a tailspin . Leeson attempted to recoup his losses by making a series of increasingly risky new trades ( using a long-long future arbitrage ) , this time betting that the Nikkei Stock Average would make a rapid recovery . However , the recovery failed to materialise . Leeson left a note reading , Im sorry and fled Singapore on 23 February . Losses eventually reached £827 million ( US$1.4 billion ) , twice Barings available trading capital . After a failed bailout attempt , Barings , which had been the UKs oldest merchant bank , was declared insolvent on 26 February . After fleeing to Malaysia , Thailand and finally Germany , Leeson was arrested in Frankfurt and extradited back to Singapore on 20 November 1995 , though his wife Lisa was allowed to return to England . While he had authorisation for the 16 January short straddle , Leeson was charged with fraud for deceiving his superiors about the riskiness of his activities and the scale of his losses . Although Leeson committed continuous and large-scale fraud over the years , Barings were responsible for the deficient internal auditing and risk management practices which allowed the fraud to continue and multiply . Leeson pleaded guilty to two counts of deceiving the banks auditors and of cheating the Singapore exchange , including forging documents . He was sentenced to six and a half years in Changi Prison in Singapore , he was released in July 1999 after serving at least two-thirds of his sentence ( 4 years and 4 months ) for good behaviour , and having been diagnosed with colon cancer , which he survived despite grim forecasts at the time . In 1996 , Leeson published an autobiography , Rogue Trader , detailing his acts . A review in the financial columns of The New York Times stated , This is a dreary book , written by a young man very taken with himself , but it ought to be read by banking managers and auditors everywhere . In 1999 , the book was made into a film of the same name starring Ewan McGregor and Anna Friel . The events also form the subject matter of a 1996 television documentary made by Adam Curtis , titled Inside Story Special : £830,000,000 – Nick Leeson and the Fall of the House of Barings . Later life . While Leeson was in prison , his first wife , Lisa , divorced him . In 2003 , as a mature student , Leeson completed a BSc in Psychology at Middlesex University , and then married Leona Tormay , an Irish beautician . They now live in Barna , County Galway , Ireland . Leeson is a regular guest on the after-dinner and keynote speaking circuit and an occasional guest lecturer at the nearby National University of Ireland . Galway United F.C. . Leeson was appointed commercial manager of Galway United F.C . in April 2005 , rising to the position of general manager in late November 2005 . By July 2007 he had become the clubs CEO but in February 2011 , after the club entered severe financial difficulties he resigned his position . He still deals in the stock markets , but only with his own money . Media appearances . In June 2005 , Leeson released a new book , Back from the Brink : Coping with Stress . It picks up his story where Rogue Trader left off , including in-depth conversations with psychologist Ivan Tyrrell . In 2013 he appeared in Celebrity Apprentice Ireland on TV3 . In July 2015 , Singapores national daily newspaper The Straits Times published an e-book titled Guilty As Charged : 25 Crimes That Have Shaken Singapore Since 1965 , which included the Nick Leeson case as one of the top 25 crimes that shocked the nation since its independence in 1965 . The book was borne out of collaboration between the Singapore Police Force and the newspaper itself . The e-book was edited by ST News Associate editor Abdul Hafiz bin Abdul Samad . The paperback edition of the book was published and first appeared on the bookshelves in the end of the June of 2017 . The paperback edition first entered the ST bestseller list on 8 August 2017 , a month after its publication . Trading jacket . On 5 April 2007 , The Guardian reported that KPMG , the liquidators of Barings , had sold a trading jacket thought to have been worn by Leeson while trading on SIMEX in Singapore . The jacket was offered for sale on eBay but it failed to reach its reserve price despite a highest bid of £16,100 . It was subsequently sold for £21,000 . In October 2007 a similar jacket used by Leesons team but not thought to have been worn by Leeson himself sold at auction for £4,000 .