Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News - 1/7/2010

 
Bank claim: UK rogue trader gets prison sentence

A British rogue trader who lost his firm around £2.5 million has been sentenced to a two-and-a-half year prison sentence.

Jonathan Bunn, a former city trader with Lewis Charles Securities (LCS), engaged in a series of unauthorised trades before attempting to cover them up with forged paperwork.

Mr Bunn was an inter-dealer who agreed to sell shares in HSBC despite not owning them, hoping to then buy them at a cheaper price after the sale.

He forged a number of purchase slips which claimed he had found a buyer for shares, as he was unable to sell stock without this confirmation.

The continued trading meant he eventually agreed to sell 6.95 million HSBC shares he did not earn, costing the firm over £2.5 million as they were forced to purchase the stock.

It is believed he may have been trying to cover his gambling addiction which left him owing £60,000 to an online spread-betting website.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-19869855-ADNFCR



Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Town
County
Post Code 
Email 
Circumstances
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Financial Conduct Authority in respect of regulated claims management activities; FRN:838450

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide