Walz escapes ban in SFA deal
Tuesday 10 December 1996
Full details of the settlement could be published as early as today. Ms Walz was unavailable for comment yesterday, and the SFA would not confirm that a settlement had been reached.
Confirmation of the settlement would come barely a month after Ron Baker, her boss and the former head of derivatives trading at Barings, took the SFA to a tribunal and escaped a possible ban from holding a senior position in the City.
He was reprimanded and ordered to pay costs of pounds 7,500 over his supervision of Nick Leeson, the rogue trader who brought Barings to its knees. Ms Walz, however, is likely to face paying lower costs than those levied on Mr Baker.
The tribunal found in Mr Baker's favour in four of the five cases put before it by the SFA. He was given a public reprimand over the fifth charge concerning the supervision of Barings' proprietary trading.
Ms Walz, 36, an American who lives in London, last week failed in an industrial tribunal claim to be paid a pounds 500,000 bonus that had been promised to her by Andrew Tuckey, the former deputy chairman of Barings.
The bonus promise was made just 13 hours before the bank collapsed early last year due to losses of more than pounds 800m run up as Leeson bet the bank on the Asian markets.
- 2 Porn block in India: hundreds of sexual websites banned, internet outraged
- 4 Dutch King Willem-Alexander declares the end of the welfare state
- 5 Gamers confess the worst things they've done in The Sims
Jackie Chan in second place in Forbes' Highest Paid Actors list after magazine includes actors working outside US movie industry
Malaysia issues arrest warrant for Gordon Brown’s sister-in-law after she publishes stories on leader Najib Razak's financial affairs
Natalia Molchanova: World's most successful free-diver missing and feared dead after disappearing in Mediterranean
Dutch King Willem-Alexander declares the end of the welfare state
Pizza Express protests: these restaurants charge staff for tips paid by card
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Chris Leslie: Jeremy Corbyn's anti-austerity agenda will harm the poor, says Labour shadow Chancellor
Jeremy Corbyn: Tony Blair could face war crimes trial over 'illegal Iraq invasion'
Landlords renting properties to illegal immigrants to face up to five years in prison
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
iJobs Money & Business
£35 - 38k + Benefits & Bonus: Guru Careers: We are seeking an Account Manager ...
£20000 - £25000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£50 - 80k: Guru Careers: We are seeking an Associate Director for the Markets ...
£60 - 100k: Guru Careers: Our client is looking for an Associate Director of S...