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IT WAS an Australian corporate scandal from the 1980s, well worth being made into a telemovie. A 23-year-old whiz-kid foreign exchange trader, employed by a sleepy but respected large public company, is hailed for his success in generating more than a third of the company's earnings. Andrew Koval in 1987. Within months, the picture turns ugly as the company reveals not only has it overstated its 1986 earnings, but that it is facing a $50 million loss in its forex deals. The whiz-kid, who had been earning $30,000 a year, is rebadged a rogue trader, and is sacked forthwith by the venerable company. Fast-forward five years, when the company is suing its auditors over the foreign exchange losses, which have the distinction of being the largest forex losses in Australian corporate history. Andrew Koval in 2010. Photo: Kate Geraghty The company has discovered that $1.5 million in profits from trades have gone offshore, to a bank account in New York jointly owned by the departed rogue trader. Will justice be done? Last week, the real life drama had its finale as the rogue trader Andrew Koval, now 49, was sentenced in the Downing Centre Local Court following a guilty plea to four counts of falsely obtaining a financial advantage. Magistrate John Favretto imposed a one-year term of imprisonment on Koval, which was suspended, with him entering into a good behaviour bond. You will now receive updates from Business AM Newsletter Business AM Newsletter Get the latest news and updates emailed straight to your inbox. It is 26 years since Koval headed money markets operations for the venerable Amalgamated Wireless (Australasia Ltd). A warrant was issued for his arrest in 1993, the same year that, in a civil case, the NSW Supreme Court ordered Koval and a foreign exchange dealer associate, Jonathan de Fries, to repay $4.7 million in profits and
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