Croatian rogue trader freed

NEWS

RIJECKA, Croatia -- Eduard Nodilo, a Croatian FX trader who lost almost $100 million in speculative FX trades, was released from prison last week because no charges have been filed.

Nodilo allegedly lost $98 million as a trader at Croatia’s third largest bank, Rijecka Banka. The losses -- representing nearly 80% of the bank’s capital -- almost bankrupted Rijecka. Nodilo was arrested on March 9, but under Croatian law, a suspect can only be held in custody for six months before they are charged.

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