January 27 was held the final meeting of the Royal court of district of Southwark in the criminal case on the withdrawal of more than $150 million from the Russian financial group “Discovery”, which accused the former managing Director, head of the international unit of operations with debt instruments, one of the structures of financial groups George Urumov and former Manager of funds of Threadneedle Asset Management Vladimir Gersamija. The court sentenced them to 12 and 7 imprisonment, respectively, the report said “Open”.
The case was heard in September last year. The judge sentenced on the basis of the judgement of January 25, the jury’s verdict, which recognized Urumova and Gersamia guilty of fraud in the conduct of transactions with securities of Argentina in money laundering, and Urumova in this fraud with bonuses for employees resulting from the company was derived more than $100 million, the Prosecutor asked to sentence Urumova to 14 years in prison, Gersamia to 12 years, noted a source familiar with the details of the trial.
After the meeting they both go out of the courtroom both in one of the London prisons.
Warrants and bonuses
Money “Open” missing in 2011 — a year when Urumov settled in “daughter” of the group, and Otkritie Securities Ltd, in London (which is why the case is in the jurisdiction of the British court. —) as managing Director and head of the international unit of operations with debt instruments. A lawsuit the company filed in the fall of 2011.
According to investigators, more than $20 million he stole by fraud with a “welcome bonus” (which is given to the employee in the transition of the company from competing firms). As explained in the “Discovery”, Urumov, going to Otkritie Securities Ltd from financial services company Knight Capital, have agreed with the Russian company on the transfer to him of about £20 million ($25 million), promising to divide the money among themselves and four members of his team at Knight Capital, where he was lured in. Each was to receive $5 million, but in reality Urumov paid colleagues much smaller amount, and the difference was appropriated and brought it to offshore.
Another $150 million he and Gersamia embezzled and laundered through transactions with the Argentine warrants (securities giving the holder the right to buy a proportional number of shares at a specified price within a specified period of time. The principle of operation is similar to options). They bought the warrants for $63 million, but pointed out that they were worth $213 million, explained in the “Discovery”.
The total amount that defendants have to return to the company is approximately $180 million, including claims for the warrants, the machinations with bonuses and reimbursement of legal costs incurred by the “Discovery” in the case.
In the case in addition to them passed a colleague Urumova Alessandro Hertz, who was accused of complicity in money laundering and fraud, and Urumova wife Yulia Balk, who was accused of complicity in money laundering. Both of them were previously acquitted.
Part of the damage compensated
In addition to the criminal case in London was a civil process under the claim “Open”, which ended in 2014. The High court came to the conclusion that the company was the victim of “qualified and well-organised fraud” committed by Urumovii and his accomplices. The judge found that Urumov, Gersamia and former employees of “Open” Ruslan Pinaev, Sergey Kondratyuk and Eugene Jemai defrauded belonging to the “Opening” of more than $150 million and laundered it through friends and relatives. Defendants whose liability was established in the framework of the civil case, were also Yulia Balk, wife Pinaev Maria Kowalska, owned by the family Gemi Jecot Trading company in Geneva and the mother Gema Olesya Jemai.
Under this decision, the defendants sentenced to pay the “Opening” damage more than $150 million How to specify “Open” in its release to January 27, the company returned the stolen assets worth more than $100 million, of the funds (which amount was not specified. —) frozen in Switzerland.
The investigation continues
In addition to the UK criminal cases of embezzlement of money from the “Discoveries” discussed in Switzerland and Russia. As noted by the “Discovery” process in Switzerland should begin in the first half of the year. Among the defendants Ruslan Pinaev — “Urumova closest friend and chief co-conspirator” — who have fled there with his family in the fall of 2011. He is accused of fraud and money laundering, and his wife in money laundering. Now, they say “Opening”, they are hiding in Israel, where Geneva has been requested for extradition. Besides them excited in Switzerland the case are Eugene Jemai accused of fraud and money laundering, and his mother Olesya, accused of money laundering.
In Russia continues consideration of the criminal case against Kondratyuk, Pinaev, and a former employee of Investment Bank Dmitry Posokhova and former employees of the Russian representative office of the Lithuanian company “Finasta” Victor Dmitriev and Dmitry Ponomarev, accused of complicity in embezzling $150 million from “Open” to fraud with Argentine warrants.