Daiwa admits conniving with Iguchi
Saturday 21 October 1995
Mr Iguchi, Daiwa's former senior bond trader in New York, pleaded guilty on Thursday to a series of crimes, including what he termed a "conspiracy with managers" to conceal a $1.1bn (pounds 700m) loss on unauthorised dealing. Daiwa said it had ordered Mr Iguchi to continue selling bonds to earn profits with which to make up the interest payments due on bonds that were apparently still on Daiwa's books but which, in fact, had been sold off. US authorities are investigating why the bank waited six weeks after it was alerted to the problem to inform the banking supervisors.
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