Second trader gets jail term

A second currency trader has been jailed for his role in a multi-million dollar foreign exchange scandal at National Australia Bank.

Gianni Gray was given a 16-month sentence by the Victorian County Court for what was described as a “calculated and sophisticated fraud”.

The bank lost 252m Australian dollars (£105m; $181m) three years ago after rogue trades by four members of staff.

One has already been given a jail term; the other two go on trial this month.

The scandal cost a number of top executives their jobs and at the time prompted strong criticism from regulators.

Mr Gray’s sentence has been suspended because the judge said he had pleaded guilty, had shown genuine remorse and will give evidence against two other former colleagues.