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The case discusses how Toshihide Iguchi (Iguchi), the Executive Vice- President of Daiwa''s New York branch caused a major loss to the bank through his trading activities in US Treasury bonds. It describes the complete sequence of events leading to the revelation of the forgery and fraud committed by Iguchi. The case also highlights the reasons that led to the scam and its aftermath. The case aims to make students understand the importance of proper risk management and control systems in preventing financial losses due to mismanagement of trading activities. The case is designed to enable students to: (1) study the events and analyse the causes for the massive losses at Daiwa''s New York branch; (2) analyse the role of regulatory authorities in prevention and reduction of financial scams; and (3) discuss the steps required to prevent occurrence of such scams in the future. The case is targeted at undergraduate as well as postgraduate students and is intended to be part of the finance curriculum.