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Two City traders jailed for multimillion-pound banking fraud

Two City workers have been jailed for their part in an "audacious" and complex multimillion-pound banking fraud.

Georgy Urumov, 37, and Vladimir Gersamia, 33, were successful traders who became motivated by greed and used sophisticated means to defraud a Russian bank.

They then moved money to different accounts throughout the world in an effort to cover up their crime.

Urumov was sentenced to a total of 12 years in prison and Gersamia for seven years at Southwark Crown Court on Friday.

Judge Deborah Taylor said Urumov was the prime mover in the "audacious" scam and created a "smoke screen of falsehoods" to try and cover his tracks.

"You were at the centre...motivated yourself by greed you played on the greed of others," she told him.

She said he showed "disdain and disregard" for others during the fraud and added: "A measure of your confidence in the system is that you chose to put the money into UK property, in plain sight."

Gersamia played a lesser role and became involved at a later stage, the judge added.

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 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.

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 found guilty of two counts of conspiracy to defraud and one count of conspiracy to commit money laundering.

Detective Superintendent Maria Woodall, City of London Police, said: "These men were respected figures in their industry who defrauded their employers of vast sums of money.

"They went to great lengths to try and launder the money by using the international banking system."

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