8. Barings Bank Collapse (1995)
In 1995, Nick Leeson, head of Barings Bank’s Singapore office, engaged in unauthorized speculative trading, amassing losses of £827 million—twice the bank’s available capital. Leeson concealed these losses by falsifying records, leading to the bank’s insolvency. He was arrested in Frankfurt and extradited to Singapore, where he was sentenced to six and a half years in prison. Barings Bank, founded in 1762, was subsequently acquired by ING Group for £1. (britannica.com)
