Early March the former trader (44) was arrested for fraud during his work for ING Bank between 2009 and 2011 (link, Dutch). He traded 19.245 contracts in illiquid contracts on the CME Globex platform against his wife. She made a tidy profit of a quarter million US dollar against her husband’s employer.
Bob got caught, but question remains why it took so long. Can’t imagine a culture where stealing from your employer and perhaps indirectly from your fellow ING traders could go uncovered for more than a year.
On the last day of 2012, the Chicago Board of Trade decided to hand out a permanent trading ban against Bob. Reason : to engage in dishonest conduct.