Leeson Sentenced To 6-1/2 Years In Prison

Former financial whiz Nick Leeson was sentenced to six years and six months in prison Saturday for his part in the crash of Britain’s oldest merchant bank.

Leeson, who pleaded guilty Friday to two of 11 charges, was sentenced by Judge Richard Magnus.

“The accused was in a position of trust. He had used that position to trade his honesty and integrity. The sentence must be sufficiently substantial to indicate the gravity of the offense to the public,” Magnus said.

Leeson was accused of destroying the 232-year-old Barings bank, which collapsed in February under losses of $1.38 billion in wrong bets he made on the direction of the Japanese stock market.

He was convicted Friday after pleading guilty to two charges of cheating in a plea bargain.