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Ex-Copper Trader Charged With Fraud

November 13, 1996|Times Staff and Wire Reports

Tokyo prosecutors charged dismissed Sumitomo Corp. copper trader Yasuo Hamanaka with defrauding its Hong Kong office of more than $770 million, Japanese news reports said. Sumitomo declined to comment on the story reported by the Jiji Press wire service and NHK national broadcasting network. Sumitomo said Hamanaka faked trades in October and November 1994 to raise money to help hide his losses, which ballooned to $2.6 billion over a 10-year period. Hamanaka's loss was the largest ever by an individual trader. This is the second complaint Sumitomo has filed against Hamanaka, also known as "Mr. Copper." Last month, the company filed document forgery charges against the former trader.

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