He was "betting" on the futures market (which was his job to do). Unfortunately he lost, and rather than admitting it he covered up his mistake and invested (bet) more to try and recoup his losses! This cycle continued until the "brown and smelly" hit the fan.
Both he and his manager(s) have "left the bank"

What do we expect when we give access to vast amounts of capital to youngsters?
If he had "won" we would never have discovered it!
I wonder how often this has occured!