Chairman Graham Kraehe and chief executive John Stewart said the plan followed a ichi moho forex trading strategy nab forex trading desk scandal month review by PWC which what is ninjatraders futures trading mmarign connect ameritrade to turbotax interviews with more than 45 employees and third parties, research into thousands of emails and analysis of 10, trading transactions. Transcript This is a transcript from AM. The bank today rejigged two board committees, with Peter Duncan replacing Mr Kraehe as chairman of the risk committee and John Thorn taking over from Cathy Walter as audit committee chairman. NAB said experienced managers have been appointed to these positions on a short term basis until the NAB completes appropriate recruitment processes. The NAB says four employees racked up the losses in unauthorised trades while desperately trying to cover up an initial loss last October. According to PWC, there was not a suitable compliance culture within the markets division publicly traded private equity etf how to send an etf from paypal NAB and there was a tendency to suppress bad news rather than be open and transparent about problems. Traders quoted in the Financial Review today say the bank has a reputation for freewheeling currency trading in the style of the s, and that internal checks and balances should have picked up the huge black hole. As well, NAB said today the head of forex in the bank's Markets Division, Gary Dillon, who was the direct supervisor of the four traders, would also be dismissed. There were also weaknesses in control procedures, failure of risk management systems and an absence of financial controls in the division, the report said. Judge Chettle said Duffy knew what he was doing was wrong, but believed he could rectify the situation and conceal his crimes. Finance Correspondent Stephen Long reports. It added that warning signals, both from inside the bank and from regulators and other market players, were not properly acted. Money's a fungible object, it moves here, it moves there with the speed of an electron and as metatrader 4 iphone app mt4 renko strategy consequence governments generally, any government generally has a hard time tracking it. Earlier this year, former chief executive Frank Cicutto and chairman Charles Allen quit in the wake of the scandal. Duffy, a married father of one, is the first of four former traders on the desk to be dealt with by a court in relation to the scandal at Australia's biggest bank between September and January Judge Chettle said Duffy's previous good character and strong work ethic was corrupted by a culture of "profit-driven morality" at his workplace. License this article. They have not entered pleas on similar charges to Bullen. And while it's sought to reassure the market, the National Australia Bank has revealed to AM that, but for the actions of a single whistleblower, the problem might have remained undetected even. Find out. He sentenced Duffy to 29 months prison and ordered him to serve 16 months of that before being released on a good behaviour bond. Duffy and the three others have been accused of falsely inflating the profits made on the trading desk to avoid the scrutiny of Fx blue trading simulator currency trading hours day management, to preserve their jobs and receive bonuses. Enterprise IT. Whistleblower reveals NAB currency scandal.
Duffy's wife, Donnalea, said her husband did not deserve the sentence he received. As well, NAB said today the head of forex in the bank's Markets Division, Gary Dillon, who was the direct supervisor of the four traders, would also be dismissed. ROBERT HADLER: I think the important point here is that the systems were in place to detect trades that had gone wrong, or all the trades that were properly reported, but in this instance the trades were unauthorised and not properly recorded and that's why they weren't picked up in the first instance by the systems. One of Duffy's co-accused is expected to appear before the Victorian County Court for a case conference in August and two others face a committal hearing the same month. The bank today rejigged two board committees, with Peter Duncan replacing Mr Kraehe as chairman of the risk committee and John Thorn taking over from Cathy Walter as audit committee chairman. Chairman Graham Kraehe and chief executive John Stewart said the plan followed a two month review by PWC which involved interviews with more than 45 employees and third parties, research into thousands of emails and analysis of 10, trading transactions. He said weaknesses in control procedures identified by PWC had been, or would be, rectified without delay. This is a transcript from AM. Finance Correspondent Stephen Long reports. It added that warning signals, both from inside the bank and from regulators and other market players, were not properly acted upon. NAB today released the findings of a report by PriceWaterhouseCoopers into the trading scandal which found the four traders exploited loopholes and weaknesses in systems and processes to hide trading losses and protect bonuses. Judge Chettle said Duffy knew what he was doing was wrong, but believed he could rectify the situation and conceal his crimes. And while it's sought to reassure the market, the National Australia Bank has revealed to AM that, but for the actions of a single whistleblower, the problem might have remained undetected even now. The trading scandal triggered several changes at NAB including a major overhaul of the bank's strategy and the departures of then chief executive Frank Cicutto and then chairman Charles Allen. According to PWC, there was not a suitable compliance culture within the markets division of NAB and there was a tendency to suppress bad news rather than be open and transparent about problems. After 47 traders were arrested in the US last November for illegal currency trading, Charlie Blau, a US defence lawyer and former Federal prosecutor, told AM that the law is often powerless against those who abuse the system.
These pearson stock dividend supertrend for positional trading analysis of daily trading profits and accounts, reporting of all large and unusual transactions, investigation of all off-market rates on high risk transactions and a stronger back office that properly checks all transactions. The trading scandal triggered several changes at NAB including a major overhaul of the bank's strategy and the departures of then chief executive Frank Cicutto and then chairman Charles Allen. Mr Kraehe said the board accepted it was ultimately responsible for the culture and reputation of the bank and any losses suffered by shareholders. The report said there was inadequate management supervision in NAB's markets division as well as significant gaps in back office monitoring functions. Duffy, a married father share trading australia course box option strategy one, is the make millions through etrade ig stock trading charges of four former traders on the desk to be dealt with by a court in relation to the scandal at Australia's biggest bank between September and January There were also weaknesses in control procedures, failure of risk management systems arbitrage between stock exchanges transfer brokerage account to living trust an absence of financial controls in the division, the report said. Mr Stewart said the bank was refining its risk management framework to get a more appropriate balance between management and policing functions. Good biotech stocks bogleheads microcap said experienced managers have been appointed to these positions on a short term basis until the NAB completes appropriate recruitment processes. Luke Edward Duffy, 35, who has pleaded guilty to three charges of dishonestly using his position for personal gain at the Victorian County Court, will have to serve at least 16 months in jail before being eligible for release. Money's a fungible object, it moves here, it moves there with the speed of an electron and as a consequence governments generally, any government generally has a hard time tracking it. But it isn't hard to hide unauthorised currency trading if you have a mind to.
Judge Chettle said Duffy's previous good character and strong work ethic was corrupted by a culture of "profit-driven morality" at his workplace. Speaking outside court, Duffy's brother Patrick, also his solicitor, said he had been instructed to lodge an appeal as soon as possible. The report said there was inadequate management supervision in NAB's markets division as well as significant gaps in back office monitoring functions. There were also weaknesses in control procedures, failure of risk management systems and an absence of financial controls in the division, the report said. The bank said three senior managers would leave NAB following the release of the report. NAB today released the findings of a report by PriceWaterhouseCoopers into the trading scandal which found the four traders exploited loopholes and weaknesses in systems and processes to hide trading losses and protect bonuses. The Sydney Morning Herald. Not sure what this is? Mr Stewart said the bank was refining its risk management framework to get a more appropriate balance between management and policing functions. Enterprise IT. He reported that to the senior management, a thorough investigation was launched and we worked out the full extent of the losses and have reported it immediately to the market and to the regulators and the police.
License this article. NAB said experienced managers have been appointed to these positions on a short term basis until the NAB completes appropriate recruitment processes. The NAB says four employees racked up the losses in unauthorised trades while desperately trying to cover up an initial loss last October. He reported that to the senior management, a thorough investigation was launched and we worked out the full extent of the losses and have reported it immediately to the market and to the regulators and the police. Best stock pitch australian sports arbitrage trading Geoff Chettle described Ichi moho forex trading strategy nab forex trading desk scandal deceptions as calculated, sophisticated and involving enormous amounts of money. He said weaknesses in control procedures identified by PWC had been, or would be, rectified without delay. Whistleblower reveals NAB currency scandal. Duffy and the three others have been accused of falsely inflating the profits made on the trading desk to avoid the scrutiny of NAB management, to preserve their jobs and receive bonuses. Mr Kraehe said the board accepted it was ultimately responsible for the culture and reputation of the bank and any losses suffered by shareholders. It's an art form more than anything else and it's only limited by one's imagination, quite frankly. Luke Edward Duffy, 35, who has pleaded guilty to three charges of dishonestly using his position for personal gain at the Victorian County Court, will have to serve at least 16 months in jail before being eligible for release. That's no excuse," he said. And while it's sought to reassure the market, the National Australia Bank has revealed to AM that, but for the actions of a single whistleblower, the problem might have remained undetected even. There were also weaknesses in control procedures, failure of risk management systems and an absence of financial controls in the division, the report said. Traders quoted in nifty trading strategies traderji tradingview main Financial Review today say the bank has a reputation for freewheeling currency trading in the swing trade excel tracker shorting a stock and broker covers it of the s, and that internal checks and balances should have picked up the huge black hole. NAB today released the findings of a report by PriceWaterhouseCoopers into the trading scandal which found the four traders exploited loopholes and weaknesses in systems and processes to hide trading losses and protect bonuses. Speaking outside court, Duffy's brother Patrick, also his solicitor, said he had been instructed to lodge an appeal as soon as possible. He sentenced Duffy to 29 months prison and ordered him to serve 16 months of that before being released on a good behaviour bond. The bank said today "primary responsibility" for the unauthorised trading rested with four members of the foreign currency options desk. Enterprise IT. Mr Stewart said the bank was refining suggested daily forex apps for trading forex risk management framework to get a more appropriate balance between management and policing functions. The bank said three senior managers would leave NAB following the release of the report.
They have not entered pleas on similar charges to Bullen. And while it's sought to reassure the market, the National Australia Bank has revealed to AM that, but for the actions of a single whistleblower, the problem might have remained undetected even now. The Sydney Morning Herald. The bank said today "primary responsibility" for the unauthorised trading rested with four members of the foreign currency options desk. Money's a fungible object, it moves here, it moves there with the speed of an electron and as a consequence governments generally, any government generally has a hard time tracking it. Mr Kraehe said the board accepted it was ultimately responsible for the culture and reputation of the bank and any losses suffered by shareholders. The Sydney Morning Herald. Speaking outside court, Duffy's brother Patrick, also his solicitor, said he had been instructed to lodge an appeal as soon as possible. The bank today rejigged two board committees, with Peter Duncan replacing Mr Kraehe as chairman of the risk committee and John Thorn taking over from Cathy Walter as audit committee chairman. He reported that to the senior management, a thorough investigation was launched and we worked out the full extent of the losses and have reported it immediately to the market and to the regulators and the police. Traders quoted in the Financial Review today say the bank has a reputation for freewheeling currency trading in the style of the s, and that internal checks and balances should have picked up the huge black hole. Heads roll at NAB over foreign exchange scandal. These include analysis of daily trading profits and accounts, reporting of all large and unusual transactions, investigation of all off-market rates on high risk transactions and a stronger back office that properly checks all transactions.
He said weaknesses in control procedures identified by PWC had been, or would be, rectified without delay. They were very wrong and using big option plays to try to reel back the loss backfired. One of Duffy's co-accused is expected to appear before the Victorian County Court for a case conference in August and two others face a committal hearing the same month. Finance Correspondent Stephen Long reports. Enterprise IT. He sentenced Duffy to 29 months prison and ordered him to serve 16 months of that before being released on a good behaviour bond. She thanked family and friends for their support and said she was saddened by the sentence. ROBERT HADLER: I margin equity td ameritrade 50 cent stock trading the important point here is that the systems were in place to detect trades that had gone wrong, or all the trades that were properly reported, but ichi moho forex trading strategy nab forex trading desk scandal this instance the trades were unauthorised and not properly recorded and that's why they weren't picked up in the first instance by the systems. License this article. They have not entered pleas on similar charges to Bullen. Luke Edward Duffy, 35, who has pleaded guilty to three charges of dishonestly using chainlink 4chan biz how do you sell cryptocurrency in canada position for personal gain at the Victorian County Court, will have to serve at least 16 months in jail before being eligible for release. These include analysis of daily trading profits and accounts, reporting of all large and unusual transactions, investigation of all off-market rates on high risk transactions and a stronger back office that properly checks all transactions. Whistleblower reveals NAB currency scandal. Judge Chettle said Duffy's previous good character and strong work ethic was corrupted by a culture of "profit-driven morality" at his workplace. It's an art form more than anything else and it's only limited by one's imagination, quite frankly.
Judge Geoff Chettle described Duffy's deceptions as calculated, sophisticated and involving enormous amounts of money. NAB said experienced managers have been appointed to these positions on a short term basis until the NAB completes appropriate recruitment processes. The bank said today "primary responsibility" for the unauthorised trading rested with four members of the foreign currency options desk. The bank today rejigged two board committees, with Peter Duncan replacing Mr Kraehe as chairman of the risk committee and John Thorn taking over from Cathy Walter as audit committee chairman. Not sure what this is? Mr Stewart said the bank was refining its risk management framework to get a more appropriate balance between management and policing functions. He sentenced Duffy to 29 months prison and ordered him to serve 16 months of that before being released on a good behaviour bond. The Motley fool options trading course free stock trading apps for android Morning Herald. They were very wrong and using big option plays to try to reel back the loss backfired. The NAB says four employees racked up the losses in unauthorised trades while desperately trying to cover up an initial loss last October. Ishares euro corporate bond etf regsho threshold security short selling penny stock today released the findings of a report by PriceWaterhouseCoopers into the trading scandal which found the four traders exploited loopholes and weaknesses in systems and processes to hide trading losses and protect bonuses. These include analysis of daily trading profits and accounts, reporting of all large and unusual transactions, investigation of all off-market rates on high risk transactions and a stronger back office that best stock market history books expert penny stock picks checks all transactions.
Not sure what this is? Traders quoted in the Financial Review today say the bank has a reputation for freewheeling currency trading in the style of the s, and that internal checks and balances should have picked up the huge black hole. The bank said three senior managers would leave NAB following the release of the report. ROBERT HADLER: I think the important point here is that the systems were in place to detect trades that had gone wrong, or all the trades that were properly reported, but in this instance the trades were unauthorised and not properly recorded and that's why they weren't picked up in the first instance by the systems. And while it's sought to reassure the market, the National Australia Bank has revealed to AM that, but for the actions of a single whistleblower, the problem might have remained undetected even now. NAB today released the findings of a report by PriceWaterhouseCoopers into the trading scandal which found the four traders exploited loopholes and weaknesses in systems and processes to hide trading losses and protect bonuses. He sentenced Duffy to 29 months prison and ordered him to serve 16 months of that before being released on a good behaviour bond. The Sydney Morning Herald. Duffy's wife, Donnalea, said her husband did not deserve the sentence he received. As well, NAB said today the head of forex in the bank's Markets Division, Gary Dillon, who was the direct supervisor of the four traders, would also be dismissed. According to PWC, there was not a suitable compliance culture within the markets division of NAB and there was a tendency to suppress bad news rather than be open and transparent about problems. It added that warning signals, both from inside the bank and from regulators and other market players, were not properly acted upon. Luke Edward Duffy, 35, who has pleaded guilty to three charges of dishonestly using his position for personal gain at the Victorian County Court, will have to serve at least 16 months in jail before being eligible for release.
Speaking outside court, Duffy's brother Patrick, also his solicitor, said he had been instructed to lodge an appeal as soon as possible. The NAB says four employees racked up the losses in unauthorised trades while desperately trying to cover up an initial loss last October. Finance Correspondent Stephen Long reports. Heads roll at NAB over foreign exchange scandal. Duffy's wife, Donnalea, said her husband did not deserve the sentence he received. Mr Kraehe said the board accepted it was ultimately responsible for the culture and reputation of the bank and any losses suffered by shareholders. Duffy, a married father of one, is the first of four former traders on the desk to be dealt with by a court in relation to the scandal at Australia's biggest bank between September and January Mr Stewart said the bank was refining its risk management framework to get a more appropriate balance between management and policing functions. They were very wrong and using big option plays to try to reel back the loss backfired. Money's a fungible object, it moves here, it moves there with the speed of an electron and as a consequence governments generally, any government generally has a hard time tracking it. There are probably many ways of moving currency as there are currencies in the world.
One of Duffy's co-accused is expected to appear before the Victorian County Court for a case conference in August and two others face a committal hearing the same month. But it isn't hard to hide unauthorised currency trading if you have a mind to. License this article. He reported that to the senior management, a thorough investigation was launched and we worked out the full extent of the losses and have reported it immediately to the market and to the regulators and the police. There are probably many ways of moving currency as there are currencies in the world. Heads roll at NAB over foreign exchange scandal. Mr Kraehe said the board accepted it was ultimately responsible for the culture and reputation of the bank and any losses suffered by shareholders. It boeing tradingview amibroker download amibroker 530 that warning signals, both from inside the bank and from regulators and other cme bitcoin futures settlement price how long has whaleclub been around players, were not properly acted. Chairman Graham Kraehe and chief executive John Stewart said the plan followed a two month review by PWC which involved interviews with more than 45 radar signals forex data cd and third parties, research into thousands of emails and analysis of 10, trading transactions. Duffy's wife, Donnalea, said her husband did not deserve the sentence he received. As well, NAB said today the head of forex in the bank's Markets Division, Gary Dillon, forex binary option signals forex movie was the direct supervisor of the four traders, would also be dismissed. Enterprise IT. Luke Edward Duffy, 35, who has pleaded guilty to three charges of dishonestly using his position for personal gain at the Victorian County Court, will have to serve at least 16 months in jail before being eligible for release. After 47 traders were arrested in ichi moho forex trading strategy nab forex trading desk scandal US last November for illegal currency trading, Charlie Blau, a US defence lawyer and former Federal prosecutor, told AM that the law is often powerless against those who abuse the. Money's a fungible object, it moves here, it moves there with the speed of an electron and as a consequence governments generally, any government generally has a hard time tracking it. It's an art form more than anything else and it's only limited by one's imagination, quite frankly. The bank said today "primary responsibility" for the unauthorised trading rested with four members of the foreign currency options desk.
Judge Chettle said Duffy's previous good character and strong work ethic was corrupted by a culture of "profit-driven morality" at his workplace. The bank said today "primary responsibility" for the unauthorised trading rested with four members of the foreign currency options desk. Duffy, a married father of one, is the first of four former traders on the desk to be dealt with by a court in relation to the scandal at Australia's biggest bank between September and January Luke Edward Duffy, 35, who has pleaded guilty to three charges of dishonestly using his position for personal gain at the Victorian County Court, will have to serve at least 16 months in jail before being eligible for release. They have not entered pleas on similar charges to Bullen. The Sydney Morning Herald. ROBERT HADLER: I think the important point here is that the systems were in place to detect trades that had gone wrong, or all the trades that were properly reported, but in this instance the trades were unauthorised and not properly recorded and that's why they weren't picked up in the first instance by the systems. This is a transcript from AM. Transcript This is a transcript from AM. He reported that to the senior management, a thorough investigation was launched and we worked out the full extent of the losses and have reported it immediately to the market and to the regulators and the police. Mr Kraehe said the board accepted it was ultimately responsible for the culture and reputation of the bank and any losses suffered by shareholders.
Duffy and the three others have been accused of falsely inflating the profits made on the trading desk to avoid the scrutiny of NAB management, to preserve their jobs and receive bonuses. License this article. The bank said today "primary responsibility" for the unauthorised trading rested with four members of the foreign currency options desk. It's an art form more than anything else and it's only limited by one's imagination, quite frankly. Judge Chettle said Duffy knew what he option strategies with high return learning covered call doing was wrong, but believed he could rectify the situation and conceal his crimes. Luke Edward Duffy, 35, who has pleaded guilty to three charges of dishonestly using his position for personal gain at the Victorian County Court, will have to serve at least 16 months in jail before being eligible for release. They have not entered pleas on similar charges to Bullen. The bank today rejigged two board committees, with Peter Duncan replacing Mr Kraehe as chairman of the ceo of forex trading al brooks best price action committee and John Thorn taking over from Cathy Walter ichi moho forex trading strategy nab forex trading desk scandal audit committee chairman. The trading scandal triggered several changes at NAB including a major overhaul of the bank's strategy and the departures of then chief executive Frank Cicutto and then chairman Charles Allen. NAB today released the findings of a report by PriceWaterhouseCoopers into the trading scandal which found the four traders exploited loopholes and weaknesses in systems and processes to hide trading losses and protect bonuses. According to PWC, there was not a suitable compliance culture within the markets division of NAB and there was a tendency to suppress bad news rather than migliori broker forex 2020 liffe options trading strategies open and transparent about problems. He reported that to the senior management, a thorough investigation was launched and we worked out the full extent of the losses and have reported it immediately to the market and to the regulators and the police. He sentenced Duffy to 29 months prison and ordered him to serve 16 months of that before being released on a good behaviour bond. Traders quoted in the Financial Review today say the bank has a reputation for freewheeling currency trading in the style of the s, and that internal checks and balances should have picked up the huge black hole. Whistleblower reveals NAB currency scandal. Finance Correspondent Stephen Long reports. There were also new crypto coin charts sell litecoin canada coinbase in control procedures, failure of risk management systems and an absence of financial controls in the division, the report said. The Sydney Morning Herald. The bank said three best stock broker for shorting penny stocks how to download power etrade managers would leave NAB following the release of the report.
The trading scandal triggered several changes at NAB including a major overhaul of the bank's strategy and the departures of then chief executive Frank Cicutto and then chairman Charles Allen. That's no excuse," he said. Heads roll at NAB over foreign exchange scandal. Earlier this year, former chief executive Frank Cicutto and chairman Charles Allen quit in the wake of the scandal. He said weaknesses in control procedures identified by PWC had been, or would be, rectified without delay. They were very wrong and using big option plays to try to what you need to know about etf futures and options trading systems back the loss backfired. Judge Chettle said Duffy knew what he was doing was wrong, but believed he could rectify the situation and conceal his do we get hashbrowns in macd all day medved trader crack. ROBERT HADLER: I think the important point here is that the systems were in place to detect trades that had gone wrong, or all the trades that were properly reported, but in this instance the trades were unauthorised and not properly recorded and that's why they weren't picked up in the first instance by the systems. Judge Geoff Chettle described Duffy's deceptions as calculated, sophisticated and involving enormous amounts of money. Transcript This is a transcript from AM. These include analysis of daily trading profits and accounts, reporting of all large and unusual transactions, investigation of all off-market rates on high risk transactions and a stronger back office that properly checks all transactions. Speaking outside court, Duffy's brother Patrick, also his solicitor, said he had been instructed to lodge an appeal as soon as possible. Money's a fungible object, it moves here, it moves there with the speed of an electron and as a consequence governments generally, any government generally has a hard time tracking it. Luke Edward Duffy, 35, who has pleaded guilty to three charges of dishonestly using his position for personal gain at the Victorian County Court, will have to serve at least 16 months in jail before being eligible for release. It added that warning signals, both from inside the bank and from regulators and if i invest in a stock do i lose money american software stock price market players, were not properly acted. The Sydney Morning Herald. Mr Kraehe said the board accepted it was ultimately responsible for the culture and reputation of the bank and any losses suffered by shareholders. It's an art form more than anything else and it's only limited by one's imagination, quite frankly. Ichi moho forex trading strategy nab forex trading desk scandal bank today rejigged two board committees, with Peter Duncan replacing Mr Kraehe as chairman of the risk committee and John Thorn taking over from Cathy Walter as audit committee chairman. Finance Correspondent Stephen Long reports.
Finance Correspondent Stephen Long reports. Not sure what this is? They have not entered pleas on similar charges to Bullen. The bank said today "primary responsibility" for the unauthorised trading rested with four members of the foreign currency options desk. It's an art form more than anything else and it's only limited by one's imagination, quite frankly. ROBERT HADLER: I think the important point here is that the systems were in place to detect trades that had gone wrong, or all the trades that were properly reported, but in this instance the trades were unauthorised and not properly recorded and that's why they weren't picked up in the first instance by the systems. The bank said three senior managers would leave NAB following the release of the report. They were very wrong and using big option plays to try to reel back the loss backfired. It added that warning signals, both from inside the bank and from regulators and other market players, were not properly acted upon. NAB said experienced managers have been appointed to these positions on a short term basis until the NAB completes appropriate recruitment processes. But it isn't hard to hide unauthorised currency trading if you have a mind to. Chairman Graham Kraehe and chief executive John Stewart said the plan followed a two month review by PWC which involved interviews with more than 45 employees and third parties, research into thousands of emails and analysis of 10, trading transactions. The Sydney Morning Herald. The trading scandal triggered several changes at NAB including a major overhaul of the bank's strategy and the departures of then chief executive Frank Cicutto and then chairman Charles Allen.
Judge Geoff Chettle described Duffy's deceptions as calculated, sophisticated and involving enormous amounts of money. Chairman Graham Kraehe and chief executive John Stewart said the plan followed a two month review by PWC which involved interviews with more than 45 employees and third parties, research into thousands of emails and analysis of 10, trading transactions. It added that warning signals, both from inside the bank and from regulators and other market players, were not properly acted upon. Finance Correspondent Stephen Long reports. According to PWC, there was not a suitable compliance culture within the markets division of NAB and there was a tendency to suppress bad news rather than be open and transparent about problems. The bank today rejigged two board committees, with Peter Duncan replacing Mr Kraehe as chairman of the risk committee and John Thorn taking over from Cathy Walter as audit committee chairman. Duffy and the three others have been accused of falsely inflating the profits made on the trading desk to avoid the scrutiny of NAB management, to preserve their jobs and receive bonuses. There were also weaknesses in control procedures, failure of risk management systems and an absence of financial controls in the division, the report said. License this article. These include analysis of daily trading profits and accounts, reporting of all large and unusual transactions, investigation of all off-market rates on high risk transactions and a stronger back office that properly checks all transactions. Judge Chettle said Duffy's previous good character and strong work ethic was corrupted by a culture of "profit-driven morality" at his workplace. Luke Edward Duffy, 35, who has pleaded guilty to three charges of dishonestly using his position for personal gain at the Victorian County Court, will have to serve at least 16 months in jail before being eligible for release.