Rogue Forex Trader Runs Up $30m In Losses For Electrolux Treasury
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STOCKHOLM--A rogue forex trader at the German treasury operation of Electrolux has cost the Swedish company nearly $30 million, the firm announced last week.
During 1999, the unnamed trader exceeded his trading limits to place unauthorized currency deals, and manipulated records to cover up his losses. The employee, who worked at the group's treasury department in Siegen, Germany, was suspended when he confessed he could not cover his losses as the end of the financial year approached in December
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