1. Toshihide Isamu Iguchi was an Executive VP and US Government Bond trader at Daiwa Bank's New York Branch, who was responsible for $1.1 billion in unauthorized trading losses accumulated over a period of 12 years beginning in 1983.
13 Facts About Toshihide Iguchi
1. 2.
Toshihide Iguchi was born to Isamu and Tsuneko Iguchi in Himeji, Japan.
3.
Toshihide Iguchi moved to the US at age 19 to spend a few months with his father who was living in New York whilst temporarily on business.
4.
Toshihide Iguchi married Romamaria Testa, and worked as a truck salesman at a local Chevrolet dealer during his college years.
5.
Toshihide Iguchi continued trading, attempting to recoup the loss; however, the loss snowballed.
6.
Shortly after, Toshihide Iguchi was promoted to Executive Vice President of the New York Branch.
7.
In September 1995, fearing the damage his losses may cause the bank if inadvertently discovered, Toshihide Iguchi wrote a confession letter to the president of Daiwa Bank, Japan, describing what had transpired with the complete details of all the unauthorized trades he had done during the previous 12 years.
8.
Meanwhile, Toshihide Iguchi, who was completely kept in the dark, was working day and night to verify the loss, until he was arrested at his home in New Jersey.
9.
Toshihide Iguchi was incarcerated at the Metropolitan Correctional Center, New York City, for 15 months, befriending George Harp, Greg Scarpa, Mousa Abu Marzook and Latin Kings members.
10.
In May 2002, Toshihide Iguchi wrote an unpublished book, titled My Billion Dollar Education, an English version of his best-selling book, Confession.
11.
In July 2007, Toshihide Iguchi returned to his hometown of Kobe.
12.
Toshihide Iguchi worked in the area of foreign language education, developing digital solutions using artificial intelligence for conversation practice.
13.
Toshihide Iguchi continued to write and appear publicly for speaking engagements on the topics of trader psychology, shattering rogue finance myths, the role of banks and regulators, and how banks can reduce the risk of rogue trading situations.