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Stockbroker jailed for false accounting

Stockbroker Jonathan Bunn, who worked for Lewis Charles Securities, has been jailed for 2 1/2 years after admitting unauthorised trading on the company's book. He was hired by the company to match buyers against sellers but it would appear that over the course of a relatively short space of time he took out "a short position" in HSBC which the firm was finally forced to buy back at a loss of just under £3 million.

Even when the police became involved in the investigation it is alleged that he presented fraudulent share purchase slips to give the impression that all purchases were offset by sales. However, it is believed that he then continued to short the stock until the position became untenable and he was forced to come clean to his employers. This is not the first case of unauthorised trading to hit the headlines in 2010 and it will almost certainly not be the last. However, we have seen a significant increase in successful prosecutions and there is a hope that this will put off those who are potentially contemplating similar moves.

While this particular trade was finally revealed and investigated in full it does beg the question as to how he was able to build up such a massive position without causing alarm until it reached a level where the stock in question was valued at over £42 million!

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