John Rusnak was a former currency trader at Allfirst bank, then part of AIB Group, in Baltimore, MD, United States. On January 17, 2003 he was sentenced to 7 1/2 years in prison for hiding US$691 million in losses at the bank, after bad bets snowballed in one of the largest ever cases of bank fraud. He was transferred from prison to a halfway house in June, 2008, to home confinement in September, 2008, and ultimately released from home confinemen...
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John Rusnak was a former currency trader at Allfirst bank, then part of AIB Group, in Baltimore, MD, United States. On January 17, 2003 he was sentenced to 7 1/2 years in prison for hiding US$691 million in losses at the bank, after bad bets snowballed in one of the largest ever cases of bank fraud. He was transferred from prison to a halfway house in June, 2008, to home confinement in September, 2008, and ultimately released from home confinement on January 5, 2009, serving just under 6 years.
Rusnak could have faced up to 30 years in prison. The original 7 1/2 year sentence was part of a plea bargain with US prosecutors. He was released early having earned good-behavior credits and completing a drug treatment program. Upon his release, he started paying US$1,000 a month for the five years of his probation.
Rusnak will remain on the hook for the full $691 million he lost, but prosecutors said the amount he pays back will depend on how much money he is able to make after leaving...
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