Two City traders convicted over multimillion-pound fraud
Two City traders have been convicted for their part in a complex multimillion-pound fraud, the Crown Prosecution Service (CPS) said.
Georgy Urumov, 37, and Vladimir Gersamia, 33, were successful traders who became motivated by greed and used sophisticated means to defraud a Russian bank, the Specialist Fraud Division said.
They moved money to different accounts throughout the world in an effort to cover up their crime.
Following a four-month trial at Southwark Crown Court, Urumov was convicted of two counts of conspiracy to defraud, two counts of conspiracy to commit fraud by false representation and one count of conspiracy to commit money laundering.
Gersamia was convicted of two counts of conspiracy to defraud and one count of conspiracy to commit money laundering.
Urumov manipulated Russian-owned company Otkritie Securities Ltd to pay himself around 25 million dollars (£20 million), under the false impression it would be divided among other people joining the firm.
He also traded financial products known as Argentinian warrants, convincing his employer they had been purchased at four times their true cost, pocketing the difference.
He was said to have used Gersamia, who worked for investment management company Threadneedle Asset Management, to help cover his tracks.
They stood to gain more than 150 million dollars (£121 million) by manipulating the trade in financial products, the CPS said.
Specialist prosecutor Alistair Dickson said: "These men were successful traders, earning very generous salaries and large bonuses. But that was not enough for them.
"Motivated by greed, they went about committing a fraud involving eye-watering sums of money using a variety of sophisticated methods.
"Due to the international scale of this fraud the prosecution team considered millions of pieces of evidence and made arrangements to call witnesses from across the world in order to present a compelling case to the jury.
"The assistance of both Otkritie Securities Limited and Threadneedle Asset Management in providing evidence to the police was crucial and this complex prosecution could not have gone ahead without their support."
The men are due to be sentenced at 10am on Friday.