British Trader to Be Freed; Hidden Fortune Denied

Nick Leeson, the man who brought Britain’s oldest merchant bank to its knees, is due to be freed from a Singapore prison today.

On the eve of his early release, his lawyer dismissed reports that Leeson had a huge hidden fortune waiting for him, the subject of much media speculation at home in Britain.

Leeson’s derivatives deals in Singapore broke the back of Barings, Britain’s oldest merchant bank, under $1.4 billion of debt.

In December 1995, Leeson was sentenced to 6 1/2 years in prison for fraud and cheating connected with his attempts to conceal his losses. He was being released early for good behavior.

“These reports [about a hidden fortune] have come from tabloid journalists who need to justify their expenses,” said Leeson’s lawyer, Stephen Pollard.

Leeson, 32, has aged “considerably” during his time behind bars and faces a 30% chance of dying of colon cancer within the next three years, Pollard said.

On Thursday, prison authorities said Leeson was in “complete clinical remission” from the cancer after a June 23 medical checkup.

News reports that the London Daily Mail had offered Leeson $160,000 for his story angered some Britons, who said the deal would be tantamount to paying a criminal for his crimes.