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| ] was a former currency trader at ] bank in 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 ]. | ] was a former currency trader at ] bank, then part of ], in 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 ]. | ||
| 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. | 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. | ||
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| '''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. | '''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. | ||
| * The owner of ] bank at the time of the fraud. | * The owner of ] bank at the time of the fraud. | ||
| * - in Adobe PDF format. | * - in Adobe PDF format. | ||
Revision as of 18:24, 19 July 2004
John Rusnak was a former currency trader at Allfirst bank, then part of AIB Group, in 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 $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.
External sources
- Panic At The Bank The book written about the bank fraud - published by Irish publishers Gill & MacMillian
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.
- AIB Group The owner of Allfirst bank at the time of the fraud.
- Indictment document filled with the District Court of Matyland - in Adobe PDF format.