Options chief blamed for NAB forex losses
The defence in the committal hearing for two of the foreign exchange options traders sacked last year by National Australia Bank following losses of $360 million are seeking to pin the blame for the false trades and manipulation of risk management systems on the former head of the options desk, Luke Duffy.Vince Ficarra and Gianni Gray are accused of dishonestly using their positions as NAB employees to gain advantages for themselves and of obtaining a financial advantage by deception.Duffy told the court it was Ficarra's job to enter the false trades early each morning, while Ficarra's barrister argued that Ficarra only did so under duress from Duffy. Ficarra's barrister also argued that it was Duffy who discovered the flaws in the NAB systems that were open to manipulation, and pushed the scheme for routinely creating false trades upon his two subordinate staff, who are now answering criminal charges for their conduct.Duffy was convicted on a similar charge (following a plea bargain) earlier this year.Today only the Age and AAP reports (carried by several newspapers) are available in the internet editions of newspapers into second day of the hearing.