February - Rogue trading hits the headlines – again

Foreign exchange hit the headlines of the world’s media in February with the revelation that a rogue trader at a US subsidiary of Allied Irish Banks (AIB) had lost $750 million.

Publication of the bank’s report into the affair showed John Rusnak had perpetrated a fraud stretching back five years, bypassing Allfirst Financial’s risk management systems by a series of inventive ploys. The report revealed Rusnak had bullied back-office staff into not confirming his trades, forged confirmation

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