Environmental Group Greenpeace International Loses $5.2M on Rogue Employee Trading Moneynews
go to original June 19, 2014

Greenpeace has suffered a 3.8 million-euro ($5.2 million) loss on an ill-timed bet in the currency market by a well-intentioned, if reckless, employee in its finance department.

The environmental group, which is based in Amsterdam, said this week the employee, who had bet the euro would not strengthen against other currencies in 2013, when it did, had acted beyond the limits of his authority.

Greenpeace International fired the employee, whom it did not identify, but said there was no evidence of fraud.

"Every indication is, this was done with the best of intentions but not the best of judgment," said spokesman Mike Townsley in a telephone interview from Mexico.

He said the organization was deeply concerned that the incident would offend its supporters, and apologized. Greenpeace does not accept contributions from companies or governments and is funded entirely by individuals.

Responsibility lies partly with the employee and partly with the organization, Townsley said.

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