Allied Irish Banks welcomes Rusnak’s fraud indictment

NEWS

DUBLIN -- Allied Irish Banks last week said it welcomed the indictment of former employee John Rusnak, who lost nearly $700 million through fraudulent FX trading at subsidiary Allfirst Financial in Baltimore.

"AIB stated at the outset that it believed it was the victim of a complex and sophisticated fraud," the bank said in a statement released last Wednesday (June 5). "These charges endorse that conclusion."

Rusnak was named in a seven-count indictment, charged with bank fraud and false entry