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NAB FX Dealers to Face Trial in April

Three former National Australia Bank (NAB) FX options traders have had their trial for dishonesty set for April 20, 2006, in the Victorian County Court.

Gianni Gray, Vince Ficarra and David Bullen are expected to go through a three-week trial over their alleged involvement in an FX options trading scandal that resulted in the bank losing A$360 million (US$270 million) in late 2003 (see Squawkbox, October 6).

The former head of NAB’s FX options desk, Luke Duffy, is already serving a minimum 16 months in jail after pleading guilty in June to three charges of dishonestly using his position for personal gain.

Bullen, who says he is a devout Buddhist, has refused to appoint a defense lawyer and will represent himself.

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