Trader in court for losing millions after Brexit

Tuesday, 14 January 2025 06:30

A former currency trader is in court in Geneva, accused of hiding trading losses from his clients and issuing inflated statements.

In all, CHF 20m has vanished.

The 76 year old admits he made mistakes, but denies the criminal charges.

The court heard the trader started to run into problems during the 2008 financial crisis – but the final blow was Brexit.

He’d bet on the stability of the British pound, but the 2016 vote result sent the currency spiralling down.

He told the court he’d been a trader since 1967 and he’d never seen anything like it.

Prosecutors are demanding a 6 year jail term. The trial continues.

More from Bitesize News

We're all getting used to AI

Artificial intelligence tools like ChatGPT and Gemini are rapidly changing how people in Switzerland use the internet.
Initiative to limit frontalier jobs rejected by State Council

An initiative launched by the Geneva Citizens Movement to limit state jobs to those who live in the canton has been partially invalidated by the State Council.
New rules for social media plannned

Social media is about to get a lot less lawless in Switzerland.
Pâquis to get a facelift

The City of Geneva has given the green light to greening the Pâquis district.
New overnight train from Basel to Malmö

A new direct night train from Basel to the Swedish city of Malmö is set to roll out in mid-April 2026, if Parliament approves the budget.
Winter tyres compulsory in France from Saturday

From Saturday, winter tyres are compulsory in the neighbouring French departments.