Two Australian currency dealers, Vince Ficarra and David Bullen, are facing substantial penalties stemming from a guilty verdict on bank fraud charges. The two were accused of making phony trades to hide huge losses incurred in the currence market. In their defense, they claimed to have been following instructions from the head of National Australia Bank's foreign exchange desk. Last June their boss, Luke Duffy, was sentenced to 29 months. Another trader, Gianni Gray was also sentenced to 16 months. Sentencing for Ficarra and Bullen is scheduled for June 26.

Let this be a lesson. Crime doesn't pay. Except when it does.

More here.

-- MDT