Leeson Dealt Setback by Court in Germany : Justice: Official says his chances of fighting extradition are small.

Nicholas Leeson’s hopes of avoiding trial in Singapore faded Wednesday when a court ruled that the trader who broke Barings bank can be extradited.

A three-judge panel of the High Criminal Court in Frankfurt approved extradition on 11 of 12 charges of fraud, forgery and breach of trust.

Leeson’s lawyers said that they would appeal to Germany’s highest court, the Federal Constitutional Court.

If the court decides against Leeson, he still could be spared extradition by the German government, which has final say in the matter.

But Frankfurt’s chief prosecutor said that was not likely to happen.

“The objections of his lawyers will have little chance. His chances of not going to Singapore are small,” said prosecutor Hans-Hermann Eckert.

The earliest Leeson could be sent to Singapore is mid-November, and if the case goes to the highest court, it could very well drag into next year, Eckert said.

Leeson, whose losing high-stakes gambles on the Tokyo market took down Britain’s oldest merchant bank, has been fighting extradition since his arrest in Germany in March.

Lawrence Ang, director of Singapore’s fraud squad, said he was pleased with the German court’s decision.

Leeson’s German lawyer, Eberhard Kempf, said his client was disappointed by Wednesday’s ruling “but he has to live with it.”

Lesson faces a maximum 14 years in prison if convicted in Singapore.

Leeson, 28, through a concealed account at Barings’ Singapore office, spent millions on unauthorized futures trades on the Tokyo market.

The 232-year-old bank collapsed in February when Leeson’s losses hit about $504 million. The debt soared to $1.4 billion in the next few days as markets plummeted.

Barings, which was bought in March by a Dutch company, ING Group, has been criticized for not supervising Leeson and transferring millions to him without question.

Leeson was arrested in Germany as he tried to fly to Britain to avoid trial in Singapore.

He has offered to plead guilty to charges in Britain, but so far authorities there have declined to seek his extradition.

Last week, however, bondholders who lost money in the collapse of Barings filed criminal charges in Britain against Leeson. It was unclear whether Britain would proceed with the charges and set up a duel of extradition requests for Leeson.