Registered: Mar 2010
12-05-11 09:28 PM
He was the firm's risk manager
Jailed: Shaun Oates, a City trader who lost his employer £4.8m in a series of reckless gambles, has been handed a five-year sentence
A City trader, who came to the UK to 'seek his fortune' but ended up losing his company £4.8m in a series of reckless gambles has been jailed for five years.
Shaun Oates, 31, of New Addington, Surrey, left TRX Futures with the massive black hole in its accounts after blowing the cash on speculative deals in the futures, options and foreign exchange markets.
The firm had to cut salaries and lay off two employees in an attempt to balance its books, while Oates pocketed £775,000 for himself.
Oates broke company rules by setting up a trading account for his own front company, Cynthen Capital, and then faking records to show it had deposited $5m, the Old Bailey heard.
Oates also deleted successful trades from real clients' records, before diverting the profits and buying two houses with £775,000 of ill-gotten gains.