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.

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