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Entries in Trader (2)

Thursday
Sep152011

Did Single Trader Cost UBS $2 Billion? Arrest Made in London

SEBASTIAN DERUNGS/AFP/Getty Images(LONDON) -- A 31-year-old man has been arrested in connection to UBS' announcement that a single trader may have cost the bank an estimated $2 billion.

The man, who has not been identified, was detained in London Thursday morning.

That same day, the Swiss bank said in a statement that "unauthorized trading by a trader in its Investment Bank" resulted in the 10-figure loss.

UBS noted that the amount lost could change since the matter was still under investigation, and warned that the deficit could lead it to report a loss when its third quarter figures come out for the year.

The bank did not offer any further details but said that "no client positions were affected."

Copyright 2011 ABC News Radio

Friday
Jan142011

Trader Arrested for Threatening SEC

Photo Courtesy - Alnbri Management, LLC(NEW YORK) -- A New York trader who put a price on the heads of officials from the U.S. Securities and Exchange Commission (SEC) on his website was arrested Thursday night at Newark Liberty Airport upon his return to the U.S. from Singapore, authorities said.

Court records say Vincent McCrudden threatened to kill 47 current and former financial regulators officials at the SEC, the Financial Industry Regulatory Authority, National Futures Association and the U.S. Commodity Futures Trading Commission.

“He’s a good guy,” McCrudden’s lawyer, Bruce Barket, told ABC News. “He’s certainly not going to hurt anybody. He’s short tempered and he’s ill mannered. His creative writing needs some work. His timing is particularly bad, but the idea that this is anything other than a guy spouting off is just silly.”

Barket said that McCrudden, who trades primarily for himself, has been upset with financial regulators since 2003 when he was acquitted of mail fraud.

Copyright 2011 ABC News Radio







ABC News Radio