
	Where results make sense

Topic: John Rusnak

Related Topics

AIB Group

Bank fraud

	Introduction
		Rusnak was able to expand the scale and scope of his trading to large volume high value currency trades.
		Rusnak’s fraud was discovered, the Allied Irish Bank (AIB) Board of Director’s authorized an investigation by Eugene Ludwig of Promontory Financial Group LLC of Washington DC.
		Rusnak would serve a seven and a half year sentence in Federal prison at Fort Dix, N.J. He was ordered to repay the $691 million he lost for the bank.
	www.publications.villanova.edu /Concept/2004/John_Rusnak.htm (8623 words)

	Amazon.com: John Rusnak: Chopin Etudes, Opus 10 and Opus 25: Music: Fryderyk Chopin,John Rusnak (Site not responding. Last check: 2007-10-19)
		Not one to take the easy way out, John Rusnak laughs in the face of sound engineers everywhere, and delivers a powerful and beautifully executed album without digital or studio tweaking, so what you hear is what he plays, raw and direct, his fingers to your ears, and that's what makes it special.
		John Rusnak is a brave man to release a recording without the paraphernalia available to make a 'perfect' sound.
		That factor suggests that Rusnak's pedaling techniques are a bit on the heavy side, that his middle voices become secondary to the outer regions of the keyboard spread, and that the subtleties and phrasings of the quiet moments are not as stunning as one would expect.
	www.amazon.com /John-Rusnak-Chopin-Etudes-Opus/dp/B00003GPON (2032 words)

	Guardian \| How to lose a billion
		When Rusnak arrived at Allfirst, he had promoted himself as a trader who could make wildly complicated deals in the foreign exchange and options markets; he claimed to be able to make bets on currency movements and offset those bets with a complex hedging system, so exposing himself to very little risk.
		Rusnak thought he was a master of "exotic" options, such as "bear spreads", in which the investor buys and sells a combination of options to take advantage of a falling market.
		Rusnak has denied stealing or benefiting personally from his activities, but he may have a difficult task convincing a jury - several of whose members will be poor - that he was motivated not by greed, but by fear.
	www.guardian.co.uk /print/0,3858,4531019-103676,00.html (3714 words)

	USATODAY.com - Currency trader pleads guilty to bank fraud (Site not responding. Last check: 2007-10-19)
		John Rusnak, who worked for Allfirst Financial, AIB's U.S. subsidiary in Baltimore, pleaded guilty to one count of bank fraud for a scheme in which $692 million in trading losses were hidden over five years in one of the biggest scandals in recent banking history.
		Rusnak, a family man who was portrayed by supporters as a pillar of the community, also will be barred from serving as an officer, director or employee of any federally insured bank.
		In June, Rusnak entered an initial innocent plea to a seven-count federal fraud indictment by a grand jury that said his illicit activities were aimed at winning salary and bonuses totaling $850,000 from 1997 to 2001.
	www.usatoday.com /money/industries/banking/2002-10-24-rusnak_x.htm (534 words)

	USATODAY.com - Allied Irish board has a crisis meeting (Site not responding. Last check: 2007-10-19)
		John Rusnak, the trader at the center of the scandal that pushed down AIB's share price some 23% Wednesday, said through his lawyer he was talking to federal authorities in Baltimore.
		John Rusnak, 37, and his wife, Linda, moved into their Victorian home in the leafy Mount Washington neighborhood in the mid-1990s — about the time he started working at Allfirst — and they lived quietly, raising two daughters, neighbors say.
		Rusnak started working at the bank in 1993 and he was paid $85,000 a year, a modest amount for a currency trader with his experience.
	www.usatoday.com /money/finance/2002-02-07-allied-irish-bank.htm (1122 words)

	Maryland Newsline - Business & Tech
		The Rusnaks asserted, again and again, that John G. Rusnak -- the 69-year-old grandfather of three -- is not the other John Rusnak, the mid-40s banker and father of two from Baltimore who is sought by the FBI.
		The Rusnaks, who usually spend their days fixing up their Baltimore County home, said they understand that the reporters are just doing their jobs, searching for anyone who might be connected to the scandal.
		John G. Rusnak, the grandpa, maintained that he has no idea who other John Rusnak is or where authorities might find him.
	newsline.umd.edu /business/otherrusnak020702.htm (421 words)

	Allied Irish Banks
		Rusnak was hired in 1993, having presented himself to the bank "as an experienced foreign exchange options trader with an arbitrage style of trading" (in the words of the Ludwig report).
		Rusnak's use of the Allfirst balance sheet declined as a result of his use of these options to fund his activities, but Allfirst treasurer David Cronin was still concerned about it and ordered him to reduce his usage by the end of 2001.
		Rusnak failed to appear for work on Monday, February 4 - after a weekend when Allfirst's back-office staff were unable to confirm his trades with his supposed counterparties in Asia.
	www.erisk.com /Learning/CaseStudies/AlliedIrishBanks.asp (2845 words)

	SignOnSanDiego.com > News > Business -- Guilty plea entered in Allfirst scandal
		Under the plea agreement, John Rusnak will be sentenced to 71/2 years in federal prison without parole for making a series of fictitious currency trades to cover up the trading losses he suffered in the 1990s.
		Rusnak was indicted in June in the biggest bank fraud case since Nick Leeson, a trader in Singapore for Barings Bank, lost more than $1 billion on futures trades, leading to Barings' 1995 collapse.
		Prosecutors said Rusnak did not directly profit from the trading losses, but by manipulating Allfirst's computerized system for tracking trading activities, they said he was able to generate a record appearing to show profits for the bank between 1997 and 2001.
	www.signonsandiego.com /news/business/20021025-9999_1b25rusnak.html (543 words)

	Ex-Allfirst trader expected to plead guilty to fraud: South Florida Sun-Sentinel
		John M. Rusnak, the former currency trader for Allfirst Financial Inc. whose transactions led to $691.2 million in losses and presaged a purge of the bank's top management, is expected to plead guilty today to a criminal charge of bank fraud, informed sources have confirmed.
		Rusnak, who pleaded not guilty to seven counts of bank fraud in June, is scheduled to appear in federal court this morning.
		Though Rusnak could expect some reduction in his sentence because he is cooperating and doesn't have a criminal record, the guidelines are based mostly on the amount of money lost in the crime.
	www.sun-sentinel.com /business/local/bal-te.bz.rusnak24oct24,0,6344628.story?coll=sfla-business-headlines (845 words)

	Kruise Funeral Home, Inc. \| Funeral Notices
		Rusnak was born in Whiteside, PA on December 11, 1932, the daughter of the late James and Mildred (Warzasak) Laskowsky.
		Rusnak was born in Fernwood, PA on September 30, 1932, the son of the late Alex and Anna (Bohwak) Rusnak.
		Johns was born in Beccaria, PA on July 26, 1930, the son of the late Andy and Mary (Gero) Johns.
	www.kruisefuneralhome.com /funeral_notices.html (15063 words)

	Currency trader Rusnak indicted for role in $691M scheme. - Jun. 5, 2002
		Rusnak was indicted on charges of bank fraud, false entry in bank records, and aiding and abetting, according to the U.S. District Court of Maryland.
		Rusnak allegedly forged the contracts to give the bank insurance for his losses, which came mostly in Japanese yen.
		Rusnak's lawyers have said Rusnak did not personally profit from the deception, but AIB has contended he received hefty bonuses in reward for what appeared to be profitable deals.
	money.cnn.com /2002/06/05/news/rusnak/index.htm (423 words)

	BBC News \| BUSINESS \| The hunt for John Rusnak
		The hunt is underway for John Rusnak, a US citizen in his 40s suspected of involvement in a $750m fraud at Allied Irish Banks' US unit.
		AIB said Mr Rusnak lived in the metropolitan area of Baltimore-Washington and was a "pillar of the community".
		Mr Rusnak was a member of a team of two in foreign exchange and 25 in US treasury operations at Allfirst's Baltimore office.
	news.bbc.co.uk /1/hi/business/1804721.stm (257 words)

	John Rusnak
		John believed his main job, as a head coach for 38 years before retiring in 1999, was to inspire his wrestlers to exceed their own expectations both on and off the mat.
		John graduated from Penn State in 1958 with a Bachelor of Science degree, and in 1961 he earned his Master of Arts degree from Villanova University.
		His self-sacrificing manner, his respectful approach to peers and athletes, and his spirit of cooperation were all the direct result of his tremendous love for the sport of wrestling and for those he coached.
	www.beastwrestling.com /John_Rusnak.htm (435 words)

	RTE Business - Rusnak indicted on fraud charges
		Former Allfirst trader John Rusnak was indicted yesterday on charges of hiding nearly $700 million in losses.
		John Rusnak, who was also charged with fraud and making false entry into books, appeared before a federal judge in Baltimore, Maryland but was released pending trial.
		An investigation has shown that Rusnak had been entering fictitious information into the bank's computerised record systems to conceal his trading losses and generate false 'paper' profits, according to court papers.
	www.rte.ie /business/2002/0606/aib.html (265 words)

	Rusnak indicted for bank fraud in Allfirst scandal: South Florida Sun-Sentinel
		Rusnak has cooperated closely with the FBI and federal prosecutors, turning over his bank accounts, spending records and the hard drive to the laptop computer that he used at home for some of his trading activity.
		Rusnak, who has been at the center of the probe all along, was fired from Allfirst along with six co-workers and supervisors who failed to detect the losses.
		Rusnak was indicted by a federal grand jury in Baltimore, empaneled specifically to hear evidence in the Allfirst case.
	sun-sentinel.com /business/bal-te.bz.allfirst06jun06,0,863712.story?... (822 words)

	NEVER FORGOTTEN \| In Memory of John Rusnak
		In the early morning hours of August 3, 1977, Officer John Rusnak, assigned to the Intelligence Unit, was conducting surveillance of members of a stolen auto operation being conducted in south suburban Alsip.
		Officer Rusnak entered Interstate 294 and traveled south for approximately one mile when he was hit in the left rear portion of his car by a pickup truck.
		Officer Rusnak died due to the fire and massive internal injuries.
	www.cookcountysheriff.com /memory/rusnak.html (157 words)

	Maryland Newsline - Business & Tech
		John Rusnak met with FBI and federal prosecutors Wednesday afternoon, said Bruce Lamdin, one of two attorneys representing Rusnak.
		Lamdin said Rusnak has been staying "either at home or with friends," adding that his client has been avoiding his Baltimore home because he is being hounded by the press.
		Rusnak, who has worked at Allfirst since 1993, did not show up to work on Monday, one day after Allfirst' bank inspectors began asking questions about the legitimacy of some of his transactions.
	newsline.umd.edu /business/missingman020802.htm (349 words)

	Keeping up with the Rusnaks - [Sunday Herald]
		Over the past year John Rusnak became embroiled in a fraud that would wipe £1.2 billion from the balance sheet of Baltimore-based Allfirst and its parent company Allied Irish Bank (AIB) in one day's trading.
		Rusnak and his wife Linda were upstanding members of the community in a suburb that looks like a Norman Rockwell painting.
		Rusnak's children Katie, aged seven, and Alex, four, are pupils at Mount Washington's Catholic school.
	www.sundayherald.com /22192 (1198 words)

	What a pity - John Rusnak became catholic... (Site not responding. Last check: 2007-10-19)
		In Reply to: Re: John (Ivan) Rusnak is Rusyn as much as posted by Taras Hryhorovych Kostenko on February 08, 2002 at 15:11:08:
		Since Ukrainians have such a great financial hero as the former PM Lazarenko of Ukraine, it would be nice to have a comparable hero for Rusyns at least of such dimensions as John Rusnak.
		Re: Of Course, the Surname RUSNAK is Taras Hryhorovych Kostenko 14:43:39 02/11/02 (
	www.brama.com /survey/messages/16949.html (476 words)

	NEVER FORGOTTEN \| In Memory of John Rusnak
		In the early morning hours of August 3, 1977, Officer John Rusnak, assigned to the Intelligence Unit, was conducting surveillance of members of a stolen auto operation being conducted in south suburban Alsip.
		Officer Rusnak entered Interstate 294 and traveled south for approximately one mile when he was hit in the left rear portion of his car by a pickup truck.
		Officer Rusnak died due to the fire and massive internal injuries.
	www.cookcountysheriff.org /memory/rusnak.html (157 words)

	Welcome to zReportage.com (Site not responding. Last check: 2007-10-19)
		Since 2000, Benjamin Rusnak has documented heart-stopping hunger and poverty in Latin America and the Caribbean for leading NGO: Food for the Poor (FFP), an international relief and development agency.
		Rusnak's decade of photojournalism experience with newspapers gives him the dexterity necessary to create evocative compositions that capture the intensity and gravity of situations in the third world.
		Rusnak is currently living in South Florida, where he is particularly well positioned to cover the Caribbean and Central and South America.
	www.zreportage.com /WEARE/BenjaminRusnak_BIO.shtml (199 words)

	Short Stories: Fraud
		It was suspected that John Rusnak, a trader for Maryland branch of AIB, Allfirst, lost $750 million and reduced the bank’s net income by 38 percent.
		Rusnak’s actions calls into question what regulations the government sets when it comes to creating currency.
		One of the main problems was that AIB has no control over the production of the American dollar so they could have easily missed any actions that Rusnak was taking because they where not looking for it and had put all of their trust in Allfirst to take care of all those types of transactions.
	www.bu.edu /econ/faculty/kyn/newweb/Ec341_money/Assignments/stories_fraud.htm (5748 words)

	[No title]
		Defendants like John Rusnak [pron: RUSS-nik] -- a Baltimore, Maryland, currency trader who hid seven-hundred million dollars in bad trades in order to collect fat bonuses -- are increasingly receiving long sentences to be served in full-fledged federal prisons.
		John Rusnak, for instance, got a seven-and-one-half-year sentence that he is serving at a federal prison in New Jersey.
		But he did not deserve to be crushed just to make a point that society is cracking down on white-collar crooks like John Rusnak.
	www.help-for-you.com /news/May2003/scripts/34d06ce9.html (1222 words)

	Pravda.RU:John Rusnak became scapegoat (Site not responding. Last check: 2007-10-19)
		The Banks' leadership hastened to declare 37-year-old John Rusnak, trader for foreign currency operations, the main suspect.
		However, it was discovered that Rusnak was too quickly declared the swindler.
		One more curious thing: Rusnak helped the inter-bank investigation connected with the damage.
	newsfromrussia.com /main/2002/02/09/26320_.html (394 words)

	AOL's Case Logs Off; $121M For Tyco's Breen; Fresco, Barberis Take N.Y. - Forbes.com (Site not responding. Last check: 2007-10-19)
		John Rusnak, a former currency trader for Allied Irish Banks (nyse: AIB - news - people), was sentenced to seven and a half years in prison on Friday, for hiding over $691.2 million in losses at Erin's largest bank.
		Rusnak, 38, pleaded guilty to one count of bank fraud last October, admitting that he devised a complex five-year scheme to collect salary and bonuses totaling $850,000, from 1997 to 2001, by hiding risky yen-dollar investments that went wrong and spun out of control.
		Rusnak was also barred for life from working for any federally insured banking institution.
	www.forbes.com /2003/01/17/cx_gl_0117faceweek.html (1480 words)

	Scotsman.com News - Allied Irish Bank - The 750 million dollar man (Site not responding. Last check: 2007-10-19)
		American stockbroker John Rusnak was being hunted by the US authorities after the Allied Irish Bank confirmed he was at the centre of one of the biggest financial frauds since rogue trader Nick Leeson bankrupted Barings in 1995.
		He added that Rusnak was "somewhere in Maryland", but refused to say where.
		Rusnak, who earned around $80,000 a year, disappeared only hours before he had been due to be questioned by Allfirst management over the whereabouts of $750 million (about £537 million) missing from the bank’s huge reserves.
	news.scotsman.com /topics.cfm?tid=219&id=147692002 (1017 words)

	Telegraph \| News \| Hunt for rogue trader in £540m fraud
		The agents were called in by Ireland's largest bank after John Rusnak, 37, failed to turn up for work at its Allfirst subsidiary in Baltimore on Monday.
		Mr Rusnak, who was described by colleagues as "very pensive looking last week", helped out with the investigation at first, but failed to return calls on Sunday evening.
		David Irwin, who said he represents Mr Rusnak, said last night that his client had not been charged with anything and was "not a fugitive".
	www.telegraph.co.uk /news/main.jhtml?xml=/news/2002/02/07/waib07.xml (812 words)

	TIME Europe Magazine: Feb. 18, 2002 -- Déjà vu on the trading floor - 1 (Site not responding. Last check: 2007-10-19)
		Most worrying for banks and their regulators is that Rusnak may have used the exact same method as Leeson: when he began to pile up losses in currency trades, he allegedly hid these by fabricating other deals that, on paper, showed him making profits.
		When Rusnak failed to show up for work on Monday, some officials went to his house: he wasn't there.
		Buckley said there was "no doubt Rusnak was involved in fraudulent activity," but conceded that "whether or not he benefited from that is still the question." An official in the U.S. Attorney's office told the Baltimore Sun that "it doesn't appear to be an embezzlement case."
	www.time.com /time/europe/magazine/article/0,13005,901020218-202076,00.html (1163 words)

	Suthers' Family Home Page (circa 1770-2004)
		John SUTHERS (I) was born circa 1770, possibly in Heptonstall, the parish of Halifax, UK.
		In the 1891 census, John was living at 38 Royd's Street in Milnrow with James Stott and family.
		John was born 10 October 1951, Hamilton, Ontario and is the son of Ivan Rusnak and Katherine Buglass Rusnak.
	www.control.toronto.edu /people/profs/espeut/suthers.html (2506 words)

Try your search on: Qwika (all wikis)