The high court in London found former managing Director, head of the international unit of operations with debt instruments, one of the structures of the financial group “Discovery” George Urumova guilty for carrying out illegal transactions with securities and frauds with bonuses for employees resulting from the company was derived more than $100 million, according to Bloomberg, an unnamed representative of the court. Sentencing is scheduled for Friday, January 27. At the same time will determine the punishment.
The case is considered by a jury since September of last year. It besides Urumova is a former Fund Manager of company Threadneedle Asset Management Vladimir Gersamija. The latter was found guilty only in the bond transactions.
As the plaintiffs argue in the face of “Discovery”, submitting a complaint in a London court in the fall of 2011, the defendants defrauded and laundered belonging to the “Opening” of money. The court found that Urumov and Gersamia brought over $100 million by conducting illegal transactions with the bonds of Argentina. Another $31.5 million “Discovery” of lost due to fraud Urumova with the so-called golden hellos (literal translation — “the Golden greeting” bonuses that an employee receives when moving from a competing firm) for himself and four employees.
“The real value of securities that Urumov and his co-conspirators allegedly bought for $213 million, made only $63 million Thus, losses amounted to about $150 million the Total amount that defendants have to return to “the Opening” is about $180 million, including claims for the warrants for fraud with bonuses and reimbursement of legal costs incurred by the “Discovery” in this case”, — said in the “Opening” in September.