I saw clients' losses and became an emotional wreck.
He faced up to 710 years in prison and $16 million in fines, and could have been ordered to repay clients' losses.
The currency broker Alpari has gone into administration while another broker, FXCM, has had to rustle up a $300m loan to cover clients' losses.
Collins, who with his wife filed for bankruptcy in 2005, added that he still intended to repay his clients' losses once he has the money to do so.
The offer, which was made only to clients of the private-banking unit and not to institutional investors, shows that Santander accepts at least some responsibility for its clients' losses and is setting an example for other banks.
Citigroup, which spent $250 million to cover a small portion of its clients' losses in those funds, said that it had been cooperating with the inquiry since mid-2008 but denied that it had misled its customers.
(See: "Andersen Client Loss Could Pile Up").
When we launched a new suite of policies in 2014 to support our people's professional and personal development inside and outside our walls, including an industry-leading paid leave policy for parents, we saw employee turnover drop 5 percentage points, with a consequential reduction in our client loss.
As has been found in South Africa, 24 where insistence upon condom use was responsible for client loss, nonpayment for services, and physical abuse in some cases, sex workers in our study maintained that, more often than not, the customer, backed by his money, dictated the terms of most sexual acts.
