A currency trader who lost all his client’s money has been told he will have to serve 6 months in jail - with a further two years suspended.
The 76-year-old started to lose money during the 2008 financial crisis, but didn’t tell his clients and was trying to build the fund back up – but then a bad bet on the British pound ahead of the Brexit vote pushed him over the edge.
The pound collapsed an unprecedented 15% after the vote.
Despite this – he continued to speculate on the market without telling his clients of the loss.
He never managed to recover the lost money and had to declare bankruptcy.
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