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London traders sent to jail for defrauding Russian bank

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London traders sent to jail for defrauding Russian bank

Two London traders were sentenced to a total of 19 years in jail after they were convicted of defrauding Otkritie Securities, a unit of Otkritie Holding JSC, of more than £141 million.

George Urumov, who previously worked for Otkritie, was sentenced to 12 years, while Vladimir Gersamia, who worked for Threadneedle Asset Management, received a seven-year sentence.

Otkritie Holding's board head Alexey Karakhan said the company was "more than just satisfied with the jury's verdict and the strong message sent by the lengthy prison term given to Urumov." The executive also noted that Otkritie was working with law enforcement authorities in other countries, including Switzerland, Israel and Russia, to pursue other individuals involved in the fraud.

In 2014, Urumov and his accomplices were found liable by London's High Court for damages associated with fraud, as a result of which Otkritie has been able to recover more than $100 million of lost money so far, the firm said.