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London traders convicted of swindling £141M from Russian bank

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London traders convicted of swindling £141M from Russian bank

Two traders have been convicted in London of defrauding Otkritie Securities, a unit of Russian bank Otkritie Holding JSC, of more than £141 million.

Georgy Urumov, who worked for Otkritie, kept money the bank paid him that it thought would be distributed to others, and also misled Otkritie about the value of certain financial products, according to the Crown Prosecution Service. Vladimir Gersamia, who worked for Threadneedle Asset Management, helped him cover his tracks.

They will be sentenced Jan. 27.