NAB trader pleads guilty
Ex-National Australia Bank (NAB) foreign exchange options trader Gianni Gray last week pleaded guilty to three charges for his part in the A$360 million rogue trading scandal uncovered in 2004.
Appearing at the county court of Victoria last Tuesday, Gray pleaded guilty to three counts of dishonestly using his position as an employee to gain advantage for himself and others.
The charges were made by the Australian Securities and Investment Commission (Asic) following an investigation into the unauthorised trading, in December 2004.
Asic alleges that Gray, together with ex-FX options trader Vincent Ficarra, ex-chief dealer David Bullen and ex-head of FX options Luke Duffy, put false information into NAB's accounting systems to falsely inflate the profits results of the FX options desk between September 2003 and January 2004.
Asic further claims that Gray improperly received a performance bonus for the 2003/2004 financial year. In 2003 he received a bonus of A$190,000. Gray's bail was extended to March 23 for a sentencing hearing in the county court of Victoria.
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