Toshihide Iguchi

Toshihide Iguchi (井口俊英, born 1951) is a former Japanese government bond trader at Daiwa Bank responsible for $1.1 billion in losses involving 30,000 unauthorized trades over a period of 11 years beginning in 1984. Originally born in Kobe, Japan, Iguchi came to the U.S. at age 19 to enroll in Southwest Missouri State College (now called Missouri State University) where he majored in psychology. After graduating, he was hired at Daiwa's New York br... more

Toshihide Iguchi (井口俊英, born 1951) is a former Japanese government bond trader at Daiwa Bank responsible for $1.1 billion in losses involving 30,000 unauthorized trades over a period of 11 years beginning in 1984. Originally born in Kobe, Japan, Iguchi came to the U.S. at age 19 to enroll in Southwest Missouri State College (now called Missouri State University) where he majored in psychology. After graduating, he was hired at Daiwa's New York branch to work in the securities custody department. In 1980, he was promoted to the role of a portfolio manager. In 1983, he lost $70,000 in trading and concealed this loss to protect his reputation and job. He continued trading to recoup the loss, however, the loss snowballed. In 1988, he was joined by two other traders who also concealed their losses. Iguchi continued to conceal the losses away from internal auditors and state and federal regulators. In September of 1995, fearing the damage his losses may cause the bank if inadvertently... less