Transsexual City trader evades jail in fraud trial
Wed Jun 4, 2:32 PM ET
LONDON (Reuters) - A transsexual City of London trader fraudulently manipulated share transactions worth one billion pounds, the Old Bailey has heard.
But Peter Young, 45, will never face jail after an earlier court ruling found that his schizophrenia made him incapable of standing trial for his alleged crime.
Stephen Climie, prosecuting, said the 300,000 pound a year trust fund manager suffered from "hallucinations and delusions," had a "longstanding gender problem" and was prone to "self harm and bodily mutilation".
In earlier court hearings, Young dressed as a woman and the court heard how he had tried to castrate himself in an attempt to become a woman.
Young, now in a mental hospital, worked for fund managers Morgan Grenfell in London between 1994 and 1996.
Without the knowledge of his employers, he created two companies in Luxembourg, used a share system in Sweden and opened a bank account in Jersey to net nearly 2.5 million pounds through a "golden bond", the jury heard.
His employers became suspicious shortly after he bought a 450,000 pound home for himself and his family. The trial continues. |
