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Chile Charges Ex-Trader With Fraud: Authorities brought the charges against a former copper trader whose money-losing trades cost the government’s copper company, Codelco, about $175 million in 1993. Juan Pablo Davila, once a leading futures trader at Codelco, the world’s largest copper producer, was charged with tax fraud in connection with the trades, which cost Chile nearly one-half of 1% of its gross domestic product. Tax investigators discovered that Davila declared income of only $47,000 in 1993 but that his spending and investment in that year totaled $593,000, officials said. Davila has denied any wrongdoing. He said the losses occurred after he made a trading mistake and resorted to speculation to make up for the failed deals.
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