A Dutch rogue trader has been busted. With many trading firms in the country, it was about time. France has Jérôme Kerviel, US has John Rusnak, Japan “Mr. 5%” Hamanaka and the UK has even two winners with Nick Leeson and Kweku Adoboli.
Thanks to Tim Remie, Holland is on the map again. He allegedly created trading losses with unauthorized gambling, accumulating to at least $200 million for his employer Nidera. The Rotterdam based grain trader firm lost it on mr Remie’s biofuel rogue trading positions.
WSJ reported mr Remie had “another side of the story”. Nobody has yet discovered what his story is. There have been some rumors of a more complicated story than plain simple rogue trading. After all, losing $200 million on rogue trading in the Nederlands can’t be true, can it?