National Australia Bank trader pleads guilty

MELBOURNE - One of the four traders involved in the A$360 ($388.55) million unauthorised foreign exchange trading at National Australia Bank has pleaded guilty in the Melbourne Magistrates Court today.

Luke Edward Duffy pleaded guilty to three counts under the Corporations Act and faces a maximum penalty of five years jail. He has been ordered to hand in his passport.

His case has been adjourned to June.

Another trader, David Matthew Bullen, who was representing himself in court reserved his plea.

He faces 19 charges under the Corporations Act and a further one under the Crimes Act of obtaining financial advantage by deception.

The other two traders, Gianni Gray and Vincent Adam Ficarra, are yet to enter a plea.

The case is continuing.

- AAP