A Singapore court Wednesday sentenced a former oil trader at Mitsui Oil (Asia) Pte. Ltd. to a five-year prison term for falsifying accounts on petroleum trading in 2006, causing his firm to suffer $81 million in losses.
Noriyuki Yamazaki, 38, had pleaded guilty last week to all 10 counts he faced in court, each of which carried a maximum sentence of up to seven years and a fine.
The former star trader had falsified accounts to conceal losses and show a profit on the trade of naphtha between April and October 2006. The resulting losses turned out to be so huge that Mitsui Oil (Asia) had to close down operations.