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Ex-Sumitomo Copper Trader to Plead Guilty

October 30, 1996|Times Staff and Wire Reports

A former copper trader accused of causing huge losses for Sumitomo Corp. may implicate executives at the giant Japanese trading house when he pleads guilty to forgery charges, his lawyer said. Yasuo Hamanaka, 48, is accused of racking up $2.6 billion in losses in unauthorized deals over 10 years. He was arrested a week ago on suspicion of forging the signatures of his superiors on documents on metal trading. Sumitomo, which fired Hamanaka shortly before announcing the losses four months ago, has repeatedly said Hamanaka acted alone.

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