‘Illegal trading’ costs NAB $140m

Four traders were suspended, as the bank referred the matter to the Australian Federal Police and appointed PricewaterhouseCoopers to assist in its internal investigation. Although NAB would not name the individuals involved, they appear to include senior forex officials at the bank’s Melbourne head office. Local press reports identified Luke Duffy, head of FX options, David Bullen, chief dealer in FX options and junior dealer Vince Vicarra as the three Melbourne-based staff involved.

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