ALLIED Irish Banks, the largest company in Ireland, is to target wealthy individuals in Scotland by expanding its private banking operations.
ALLIED Irish Bank yesterday appointed a top US financial expert to investigate why the firm failed to notice a US$750 million (£500 million) loss notched up by rogue trader John Rusnak.
AN URGENT search for answers was underway in Dublin last night as senior officials at Ireland’s biggest bank continued crisis meetings to discuss how one of their employees had managed to defraud the company of $750 million.
IN November 1990, Michael Milken, known as the junk bond king at US firm Drexel Burnham Lambert, was sentenced to ten years for securities fraud. Drexel filed for bankruptcy after paying $650 million in fines.
JOHN Rusnak said goodbye to his wife on Monday morning, stepped from the timber porch of the Maryland home they shared with their two daughters and left for work as usual. At least, that was what his family thought.
ALLIED Irish Banks’ shock disclosure that it has apparently been hit by a half-billion pound fraud at its US operations has sparked market speculation that it may now be vulnerable to a takeover bid.
A FINANCIAL trader described as a church-going "Mr Middle America" became one of the FBI’s most wanted men last night after going on the run suspected of defrauding Ireland’s largest bank of $750 million.
SHARES in London fell for the third day running as investors baled out of banking and telecoms shares, stunned by news of the $750 million fraud probe at Allied Irish Banks.
JUST as in the case of AIB, it was the sudden disappearance of a trader that publicly exposed the massive losses at Barings Bank. The failure of Nick Leeson to arrive for work at his Singapore offices on 23 February, 1995, triggered the collapse of the City’s oldest merchant bank.
A FOREIGN exchange trader who allegedly defrauded a US subsidiary of Allied Irish Banks of around £500 million has met voluntarily with the FBI and federal prosecutors, his lawyer said today.