Nick Leeson - Net Worth, Age, Height, Birthday, Bio, Wiki!

May 2024 · 10 minute read

Explore Nick Leeson net worth, age, height, bio, birthday, wiki, and salary! A former banker turned football club owner and became a reality star on UK’s Celebrity Big Brother. He has appeared on the 22nd season of the reality TV show. In this article, we will discover how old is Nick Leeson? Who is Nick Leeson dating now & how much money does Nick Leeson have?

NameNick Leeson
First NameNick
Last NameLeeson
OccupationReality Star
BirthdayFebruary 25
Birth Year1967
Place of BirthWatford
Home TownEngland
Birth CountryUnited Kingdom
Birth SignAquarius
Full/Birth Name
ParentsHarry Leeson, Anne Leeson
SiblingsNot Available
SpouseLeona Tormay , Lisa Leeson
Children(s)Not Available

Nick Leeson Biography

Nick Leeson is one of the most popular and richest Reality Star who was born on February 25, 1967 in Watford, England, United Kingdom. Linda Nolan, Katie Price and Chloe Ferry have also appeared on Celebrity Big Brother. and Katie Price as well as Chloe Ferry appeared on Celebrity Big Brother.

Nick Leeson was born in Watford, Hertfordshire and attended Parmiter’s School in nearby Garston. Born to working class parents on a council estate, his father was a self-employed plasterer, his mother a nurse. After finishing sixth form in 1985 with six O Levels and two A level passes in English Literature and History with C and D grades respectively (failing his third subject, Mathematics), Leeson was hired as a clerk with the Lombard Street branch of the Coutts private bank. There, Leeson was settling paper cheques, crediting and debiting client accounts.

In 1987, Leeson moved to Morgan Stanley’s Futures and Options back office, clearing and settling listed derivatives transactions. With few prospects for a front office role, Leeson joined Barings Bank two years later, on a salary of £12,000 a year. With four other settlement specialists, he was briefly seconded to Hong Kong to troubleshoot Barings’s back office in Jakarta, Indonesia. Leeson returned to London in September 1991 to investigate a case of fraud between a client and a Barings employee. The employee had used the client’s account to trade on a proprietary basis until margin calls from the clearinghouses unraveled the scheme.

He married Leona Tormay in 2003 after he divorced Lisa Sims, his first wife.

His raudulent, unauthorised, and speculative moves were what first made him famous. He was sentenced for his actions in 1995, which led to the collapse of Barings.

Nicholas William Leeson (born 25 February 1967) is a former English derivatives trader notorious for bankrupting Barings Bank, the United Kingdom’s oldest merchant bank. He was a rogue trader who made fraudulent, unauthorized, and speculative moves, and his actions led directly to the 1995 collapse of the bank, for which he was sentenced to prison.

Nick Leeson Net Worth

Nick is one of the richest Reality Star from United Kingdom. According to our analysis, Wikipedia, Forbes & Business Insider, Nick Leeson's net worth $3 Million. (Last Update: January 13, 2024)

After graduating from high school in 1985, his first job was as an assistant at Coutts Bank. After two years at Morgan Stanley, he moved to Barings Bank in 1988.

Net Worth$3 Million
SalaryUnder Review
Source of IncomeReality Star
CarsNot Available
HouseLiving in own house.

In April 1992, Barings decided to open a Future and Options office in Singapore, executing and clearing transactions on the Singapore International Monetary Exchange (SIMEX). Barings had held a seat on SIMEX for some time, but did not activate it until Leeson, appointed general manager, was sent over to head both front office and back office operations. Prior to leaving, Leeson was denied a broker’s licence in the UK because of committing fraud on his application. He had failed to report a judgment against him entered by the National Westminster Bank. Neither Leeson nor Barings disclosed this denial when he applied for his licence in Singapore.

Leeson left a note reading, “I’m sorry” and fled Singapore on 23 February. Losses eventually reached £827 million (US$1.4 billion), twice Barings’s available trading capital. After a failed bailout attempt, Barings, which had been the UK’s oldest merchant bank, was declared insolvent on 26 February. After fleeing to Malaysia, Thailand, and finally Germany, Leeson was arrested in Frankfurt and extradited back to Singapore on 20 November 1995, though his wife Lisa was allowed to return to England. While he had authorisation for 16 January short straddle, Leeson was charged with fraud for deceiving his superiors about the riskiness of his activities and the scale of his losses. Several observers have placed much of the blame on Barings’s own deficient internal auditing and risk management practices.

Ethnicity, religion & political views

Many peoples want to know what is Nick Leeson ethnicity, nationality, Ancestry & Race? Let's check it out! As per public resource, IMDb & Wikipedia, Nick Leeson's ethnicity is Not Known. We will update Nick Leeson's religion & political views in this article. Please check the article again after few days.

From 1992, Leeson made unauthorised speculative trades that at first made large profits for Barings: £10 million, which accounted for 10% of Barings’ annual profit. He earned a bonus of £130,000 on his salary of £50,000 for that year. Leeson’s luck soon went sour and he used one of Baring’s error accounts (accounts used to correct mistakes made in trading) to hide his losses. He says that this account was first used to hide an error made by one of his colleagues. She had been assigned to buy 20 futures contracts for Fuji Bank, but had sold them instead, costing Barings £20,000.

Who is Nick Leeson Dating?

According to our records, Nick Leeson married to Leona Tormay , Lisa Leeson . As of January 13, 2024, Nick Leeson’s is not dating anyone.

Relationships Record: We have no records of past relationships for Nick Leeson. You may help us to build the dating records for Nick Leeson!

The beginning of the end occurred on 16 January 1995, when Leeson placed a short straddle in the Singapore and Tokyo stock exchanges, essentially betting that the Japanese stock market would not move significantly overnight. However, the Kobe earthquake hit early in the morning on 17 January, sending Asian markets, and Leeson’s trading positions, into a tailspin. Leeson attempted to recoup his losses by making a series of increasingly risky new trades (using a long-long future arbitrage), this time betting that the Nikkei Stock Average would make a rapid recovery. However, the recovery failed to materialise.

Height, Weight & Body Measurements

Nick Leeson height Not available right now. Nick weight Not Known & body measurements will update soon.

HeightUnknown
WeightNot Known
Body MeasurementsUnder Review
Eye ColorNot Available
Hair ColorNot Available
Feet/Shoe SizeNot Available

By the end of 1992, the error account’s losses exceeded £2 million, increasing to £23 million in late 1993. This amount ballooned to £208 million by the end of 1994. Leeson had followed a “doubling” strategy: every time he lost money, he would double the amount that was lost in order to recoup the amount. This had been successful for him in the past, including once in 1993 where he was able to cover a £6 million negative balance in the error account and after which he vowed not to use the account again. However, Leeson had to maintain his reputation as a trading genius and soon found himself hiding his losses there again. As the losses grew higher and higher, Leeson fabricated cover stories to explain why he needed more cash from London. His sterling reputation protected him from close scrutiny.

However, Leeson used this error account to cover further bad trades by himself and others. For example, he used it to cover a number of mistakes made by one of his traders who frequently came to work after long nights of partying. Leeson believes that he first crossed into out-and-out criminal conduct when he forgot to reconcile a discrepancy of 500 contracts, costing Barings US$1.7 million. He concluded that the only way to hide such a massive error and keep his job was to hide it in the error account. Leeson insists that he never used the account for his own gain, but in 1996 The New York Times quoted “British press reports” as saying that investigators had located approximately $35 million in various bank accounts tied to him. Management at Barings also allowed Leeson to remain general manager and chief trader while also being responsible for settling his trades. In the latter role, he was responsible for ensuring accurate accounting for the trading operation. These jobs were usually held by two different people, and allowing Leeson to do both made it much simpler for him to hide his losses from his superiors in Singapore and London.

Top Facts about Nick Leeson

  • Nick Leeson caused the collapse of Barings Bank in 1995.
  • He made unauthorized trades that resulted in losses of £827 million.
  • Leeson fled to Malaysia before being arrested and extradited to Singapore.
  • He was sentenced to six and a half years in prison.
  • Leeson wrote a book about his experiences called “Rogue Trader”.
  • The story was adapted into a movie starring Ewan McGregor.
  • Leeson now works as a motivational speaker and consultant.
  • His actions led to increased regulation of financial institutions.
  • The scandal highlighted the risks of unchecked trading practices.
  • It remains one of the most infamous financial scandals in history.
  • Facts & Trivia

    Nick Ranked on the list of most popular Reality Star. Also ranked in the elit list of famous people born in United Kingdom. Nick Leeson celebrates birthday on February 25 of every year.

    Leeson pleaded guilty to two counts of “deceiving the bank’s auditors and of cheating the Singapore exchange”, including forging documents. Sentenced to six and a half years in Changi Prison in Singapore; he was released in 1999, having been diagnosed with colon cancer, which he survived despite grim forecasts at the time. In 1996, Leeson published an autobiography, Rogue Trader, detailing his acts. A review in the financial columns of The New York Times stated, “This is a dreary book, written by a young man very taken with himself, but it ought to be read by banking managers and auditors everywhere.” In 1999, the book was made into a film of the same name starring Ewan McGregor and Anna Friel. The events also form the subject matter of a 1996 television documentary made by Adam Curtis, titled Inside Story Special: £830,000,000 – Nick Leeson and the Fall of the House of Barings.

    What happened to Nick Leeson?

    Eventually arrested in Frankfurt, Germany, Nick spent a few fraught months trying to escape extradition to Singapore. He failed and in December 1995 a court in Singapore sentenced him to six and a half years in prison. Lisa his wife got a job as an airhostess to be able to visit him regularly.

    Is rogue trader a true story?

    Rogue Trader tells the true story of Nick Leeson, a young employee of Barings Bank who after a successful spell working for the firm’s office in Indonesia is sent to Singapore as General Manager of the Trading Floor on the SIMEX exchange. The movie follows Leeson’s rise as he soon becomes one of Barings’ key traders.

    How did Leeson break Barings?

    These were unauthorised trades which he hid in an account named Error Account 88888. He also used this account to execute all his unauthorised trades in Japanese Government Bond and Euroyen futures and Nikkei 225 options: together these trades were so large that they ultimately broke Barings.

    How did Barings Bank collapse?

    The collapse of Barings Bank was caused by colossal losses incurred by a single rogue trader. Nick Leeson, the bank’s then 28-year-old head of derivatives in Singapore, gambled more than $1 billion in unhedged, unauthorized speculative trades, an amount which dwarfed the venerable merchant bank’s cash reserves.

    What did Leeson use the banks money to do?

    He says that this account was first used to hide an error made by one of his subordinates; she had been assigned to buy twenty futures contracts for Fuji Bank, but had sold them instead, costing Barings £20,000. However, Leeson used this error account to cover further bad trades by himself and others.

    You may read full biography about Nick Leeson from Wikipedia.

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