Rogue trader 'cost AT&T $150m'
Thursday 01 October 1998
PENSION FUNDS of AT&T Corp, the US long-distance phone carrier, lost $150m in 1996 at the hands of a rogue trader who used the company's money to make risky bets on stock market movements and the technology industry, the US Securities and Exchange Commission has alleged.
The agency disclosed the AT&T losses in a disciplinary action released yesterday against RhumbLine Advisers of Boston and its chief executive officer, John D Nelson.
The firm settled SEC charges by agreeing to pay a $50,000 fine. Mr Nelson, the chief executive, agreed to pay $10,000 to settle allegations he failed to adequately supervise the trader
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