Deltec bank executive chairman Jean Chalopin told BBC News that Mr Fraser-Smith was the victim of a "tragic accident" at his home in the Lyford Cay area of Nassau.

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Franklin traded for his own accounts and that of Lyford Cay, a hedge fund he managed at Bear Stearns whose investors were several senior managers of the firm, according to the SEC.

FORBES: Magazine Article

While he was trading on the information for himself and Lyford Cay fund, a Bear Stearns colleague, Robert Babcock, 33, figured out the trading patterns and began to mimic Franklin's trading for his own account.

FORBES: Magazine Article