Two City traders were jailed on Friday after being found guilty of conspiring to defraud the Russian bank Otkritie of more than £141m in a series of complex frauds.

Georgy Urumov,37, a former Otkritie banker was found guilty of five charges including one of conspiracy to defraud by a jury at Southwark Crown Court earlier this week. On Friday he was sentenced to 12 years in prison.

Vladimir Gersamia,33, who worked at Threadneedle Asset Management was convicted of three counts including one of conspiracy to defraud. He was jailed for seven years by Mrs Justice Taylor.

The trial heard that when Urumov joined Otkritie Securities Ltd, he manipulated the bank into paying him more than $25m as a “sign on fee” under the false impression it would be distributed to others joining his new team at the bank. However Urumov kept most of the money.

The men later carried out acts of fraud by trading financial products called Argentine warrants and misled Otkritie into believing they had been purchased at four times their true cost. Urumov pocketed the difference and transferred the gains to bank accounts outside the UK.

Mr Alexey Karakhan, chairman of the board at Otkritie Holding, said in a statement: “We are more than satisfied with the jury’s verdict and the strong message sent by the lengthy prison term given to Urumov.”

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