Trader accused of fraud and keeping $20.5m signing on fee for himself

Russian trader George Urumov, accused by a British-based subsidiary of one of Russia's largest financial groups of fraud totalling $183m, denied participating in false trades and paying bribes to colleagues in London's High court on Monday.

Reuters reports that Urumov was giving evidence for the first time in a civil case brought by Otkritie Securities Limited, part of Russia's Otkritie Financial Corporation, which alleges that he defrauded the company by failing to split an agreed $25m 'sign-on fee' evenly between himself and four bond traders when they were recruited by the firm in 2010.

The company says that Urumov kept $20.5m for himself and that he used more than $12m to pay bribes to two Otkritie employees who had supported his recruitment.

Hit the link below to access the complete Reuters article:

Russian trader denies $183 million fraud in London court

Citigroup has an emerging markets headache

Goldman Sachs profit doubles on stronger bond trading

image: © Kristian D