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| Rusnak will remain on the hook for the full US$691 million he lost, but prosecutors said the amount he pays back will depend on how much money he is able to make after leaving prison. | Rusnak will remain on the hook for the full US$691 million he lost, but prosecutors said the amount he pays back will depend on how much money he is able to make after leaving prison. | ||
| '''Panic At The Bank''' is a book written by Siobhán Creaton and Conor O'Clery (both journalists which followed the story for the Irish press) that details the events which lead up to the fraud and how it was carried out and hidden from the bank's authorities. | |||
| == External sources == | == External sources == | ||
Revision as of 01:28, 8 March 2004
John Rusnak was a former currency trader at Allfirst bank the US. He was sentenced to 7 1/2 years in prison for hiding US$691 million in losses at the bank, after bad bets snowballed in one of the largest ever cases of bank fraud.
He could have faced up to 30 years in prison. The 7 1/2 year sentence was part of a plea bargain with US prosecutors. Upon his release, he must start paying US$1,000 a month for the five years of his probation.
Rusnak will remain on the hook for the full US$691 million he lost, but prosecutors said the amount he pays back will depend on how much money he is able to make after leaving prison.
Panic At The Bank is a book written by Siobhán Creaton and Conor O'Clery (both journalists which followed the story for the Irish press) that details the events which lead up to the fraud and how it was carried out and hidden from the bank's authorities.
External sources
- Panic At The Bank The book written about the bank fraud - published by Irish publishers Gill & MacMillian
- Allied Irish Banks Group The owner of the Allfirst bank at the time of the fraud.
- Indictment document filled with the District Court of Matyland - in Adobe PDF format.