Background

Vladimer Gersamia: A Fraudster? (2024)

Article arrow_drop_down
crook

One of the two City traders found guilty of plotting to steal £141 million from a Russian bank was Vladimer Gersamia.

The Southwark Crown Court ruled on Wednesday that Vladimir Gersamia and George Urumov were guilty of multiple counts of fraud, including conspiracy to conduct fraud. In the UK, they might now receive prison terms. The Financial Times reported that the Russian bank Otkritie was the victim of a complex fraud operation, with losses resulting from the illegal activity surpassing £141 million.

The mispricing of Argentinean warrants and management’s manipulation of the bank over a sign-on fee were the main components of the fraud. In February 2014, a London court ordered Otkritie preliminary damages of over $150 million due to the fraudulent schemes carried out by its former employees.

Vladimer Gersamia’s Deceptive Activities

When Urumov joined the Otkritie Securities Limited branch of the Russian Otkritie Financial Corporation in 2010, that is when the deceptive actions began. The FT and Reuters estimate the value of the “sign-on fee” he failed to share equitably between himself and four bond traders at $25 million and $23 million, respectively. Rather, he retained the lion’s part to himself.

Furthermore, Otkritie paid $213 million for Argentine warrants in 2011, only to discover a year later that the assets were only worth $62 million on the market. The bank also got a guarantee that the warrants were traded in US dollars even though they were originally purchased in Argentine pesos. This deception cost more than £120 million in fraud damages.

Vladimer Gersamia had assisted Urumov in hiding the evidence of the scam. Subsequently, the funds that the individuals stole were moved to many foreign accounts. The 2014 ruling states that the defendants laundered the proceeds of the scam through offshore businesses, using the money to buy cars, houses, and jewellery.

Urumov’s wife, Yulia Balk, was found not guilty on January 25, 2017, on two charges that included making plans to aid in money laundering. Balk and Urumov are charged with taking money out of the fraud case to buy a £19 million house in London’s St. John’s Wood.

The Role of Vladimer Gersamia in the Otkritie Story

Over the past four months, the Supreme Court has focused on an alleged $160 million international fraud that allegedly involved, albeit unintentionally, an investment fund with Bahamian domicile and accounts at a reputable international bank, leading to orders to freeze assets and demand the production of documents.

A corporation named Gemini Investment Fund is said to have its headquarters in the Bahamas. According to a slew of documents Tribune Business obtained from the US district court in southern New York, several accounts at Clariden Leu’s Nassau branch both played major roles in a scheme that was allegedly run by the bond office head at a significant financial services company with its headquarters in Russia.

The court documents describe how the brokerage paid four times the market price for securities related to Argentina’s GDP, allegedly through the manipulation of exchange rates by Georgy Urumov, Vladimer Gersamia, and other suspected accomplices. Urumov used to work for the London-based securities business of Otkritie Financial.

Vladimer Gersamia had assisted Urumov in hiding the evidence of the scam. Subsequently, the funds that the individuals stole were moved to many foreign accounts. The 2014 ruling states that the defendants laundered the proceeds of the scam through offshore businesses, using the money to buy cars, houses, and jewellery.

Templewood’s Beneficial Owner, Vladimer Gersamia’s Fraud

A portion of the $160 million in overpayment earnings, according to the Russian banking organisation and its attorneys, were in bank accounts in the Bahamas. About $6.9 million was moved to an account in Templewood Capital’s name at the Nassau branch of Clariden Leu on April 6, 2011. Vladimir Gersamia is purportedly the beneficial owner of this company.

According to US court filings, Vladimer Gersamia was the beneficial owner of the corporation and in charge of the Templewood account. Gersamia had informed his bank, Clariden Leu, that the funds he had put in were the proceeds from a Georgia real estate transaction. Reps for Gersamia’s brother-in-law have acknowledged that this was a lie and that [Gersamia’s company] does not own any real estate in Georgia.

After being further spent, roughly $2.5 million of that $6.9 million, according to Otkritie, was returned to the Bahamas in a second Clariden Leu account owned by a company named Airdale. The beneficial owner of the car was Mr. Gherzi, an additional Urumov conspirator, according to the court filings.The Airdale account and another Bahamas facility that belonged to a different Urumov conspirator, according to Mr Dooley, the attorney for Otkritie, had already been frozen by the Bahamian Supreme Court.

1. What is the connection between Vladimer Gersamia & George Urumov?

Georgy Urumov, 37, a former Otkritie banker & Vladimer are facing jail after being convicted of conspiring to defraud the Russian bank Otkritie of more than £141m in a series of complex frauds. Vladimir had assisted Urumov in erasing the fraud’s traces.

2. What happened when Vladimir Gersamia was found guilty of a £141 million fraud?

Yulia Balk, Urumov’s wife, was cleared of two counts, including conspiring to help money laundering, on January 25, 2017. Balk, Urumov, and Vladimir allegedly use a portion of the fraud. The sentences for Urumov and Gersamia are scheduled for tomorrow.

The Last Words

It is now obvious that Vladimer Gersamia was one of two City dealers convicted of conspiring to swindle a Russian bank out of £141 million. He had also helped Urumov remove any evidence of the fraud. The men then transferred the cash they had taken to several accounts abroad. According to the 2014 ruling, the defendants, Gersamia & Urumov, laundered the funds of the swindle through offshore corporations, which they subsequently used to purchase cars, houses, and diamonds. US court records purport that Vladimer Gersamia was the beneficial owner of the business and responsible for the Templewood account. Gersamia disclosed to Clariden Leu, his bank, that the money came from the sale of real estate in Georgia.

About the author

James Assali
trending_flat
James Assali was Charged for Transnational Mortgage Modification Fraud?

The owner of a Costa Mesa-based loan company, James Assali, is the target of aggressive legal action from law enforcement agencies. James Assali is charged with participating in dishonest practices about loan modification. The individual in charge of the Costa Mesa-based mortgage and escrow company's refinancing is the target of intense pursuit by law authorities. This man is charged with running a loan modification scheme that cheated and mistreated people in California and other states on purpose. The prosecution has demonstrated that victims have been caused by dishonest actions not just in California but also in Washington, Florida, Minnesota, and Maryland. The subject of the investigation, an Irvine native by the name of James Toufic Assali, is presently the target of numerous serious accusations. The defendant faces eighteen criminal counts with suspected grand theft and three more felonies specifically connected […]

trending_flat
Warning Against Phoenix Capital Group Holdings for Consumers

To clarify the crucial aspects of this organization, I have several grievances with Phoenix Capital Group Holdings. There are some favorable reviews as well, but since that's just how things work, we tend to focus on the bad ones. It is necessary to understand the background and history of Phoenix Capital Group Holdings before proceeding. Phoenix Capital Group Holdings, LLC: A Brief Overview A disputed oil and gas mineral rights acquisition and investment organization, Phoenix Capital Group Holdings, LLC was founded in 2019 and has its headquarters in Denver, Colorado. The company's operations mostly include mineral rights purchases.  Several locations, including Irvine, California, Casper, Wyoming, Dallas, Texas, and Fort Lauderdale, Florida, are included among its satellite offices.  The corporation, which is controlled by a family, directs its efforts toward aggressive capital deployment and asset management. It often gives priority to […]

Futurenet
trending_flat
Futurenet Scam Warning: All You Need to Know

In 2014, FutureNet emerged as a fraudulent operation disguised as a multi-level marketing platform offering huge profits via a matrix cycler technology. It entered the cryptocurrency space in 2017 with the introduction of FuturoCoin, which quickly crashed and caused investors to suffer large losses.  FutureNet, which was founded by Roman Ziemian and Stephan Morgenstern, scammed thousands of people worldwide before the co-founders were subject to legal action and international arrest orders. Roman Ziemian: A co-founder of FutureNet, was arrested in Italy and fled the scene Roman Ziemian, a co-founder of the infamous Ponzi scam FutureNet, was detained by Italian police, freed, and then left the nation. This arrest comes in response to a South Korean warrant alleging Ziemian engaged in a multimillion-dollar fraud. In 2014, Ziemian founded FutureNet with Stephan Morgenstern as a business partner. With the launch of FuturoCoin […]

trending_flat
Carl Koenemann: A Criminal Alcoholic? (2024)

Carl Koenemann claims to be a motivational speaker who stimulates future inventors through motivating lectures. As previously said, the global entrepreneurial scene changes, with visionary entrepreneur Carl Koenemann emerging as a source of inspiration and empowerment for future innovators. Carl Koenemann believes that his fascinating motivational presentations are rewriting the success story, driving individual growth, and inspiring ambitious entrepreneurs to build their own paths. Carl Koenemann states that his story is one of determination, honesty, and a strong desire to encourage innovation across technology, marketing, and business consultancy. Carl Koenemann, despite his self-absorbed nature, claims to have rapidly found his stride in the dynamic world of technology, beginning with a solid academic background in electronics and communications. Carl Koenemann boasts about his early experiences, stating that they created the framework for a meteoric rise inside a huge technology corporation, as […]

Related

Futurenet
trending_flat
Futurenet Scam Warning: All You Need to Know

In 2014, FutureNet emerged as a fraudulent operation disguised as a multi-level marketing platform offering huge profits via a matrix cycler technology. It entered the cryptocurrency space in 2017 with the introduction of FuturoCoin, which quickly crashed and caused investors to suffer large losses.  FutureNet, which was founded by Roman Ziemian and Stephan Morgenstern, scammed thousands of people worldwide before the co-founders were subject to legal action and international arrest orders. Roman Ziemian: A co-founder of FutureNet, was arrested in Italy and fled the scene Roman Ziemian, a co-founder of the infamous Ponzi scam FutureNet, was detained by Italian police, freed, and then left the nation. This arrest comes in response to a South Korean warrant alleging Ziemian engaged in a multimillion-dollar fraud. In 2014, Ziemian founded FutureNet with Stephan Morgenstern as a business partner. With the launch of FuturoCoin […]

crime
trending_flat
Robert Buckhannon is Exposed as a Fraud (2024)

Robert Buckhannon, from Las Vegas, prioritizes his patients' well-being, believing that a strong doctor-patient relationship is key to a healthy life. Raised in Phoenix, Arizona, with younger siblings, he was deeply influenced by his mother's illness during his childhood, inspiring him to pursue a career in medicine to help others achieve optimal health. Robert Buckhannon is jailed for a fraud scheme against a mortgage lender. (Source) Robert Buckhannon, 59, from Las Vegas, Nevada, has been sentenced to 24 months in federal prison by U.S. District Judge Janet T. Neff for his involvement in a scheme to defraud a California mortgage lender. Following his release, he will undergo two years of court supervision and must pay $467,213.98 in compensation to his victims, along with a $1,000 fine. Buckhannon admitted guilt in July 2019 to conspiring to commit wire fraud in a […]

crime
trending_flat
Dr. Ananthakumar Thillainathan is a Fraud?

Dr. Ananthakumar Thillainathan asserts himself as an Internal Medicine specialist, having practiced since 2012. His dedication lies in providing comprehensive diagnoses and treatments to patients, backed by four years of experience in the emergency room. Through this experience, he has acquired adept time and energy management skills, enabling him to efficiently prioritize tasks while ensuring patient well-being remains uncompromised. Doctor Admits Guilt in Healthcare Fraud and Kickback Case (Source) Dr. Ananthakumar Thillainathan, a physician from Stratford, has admitted to federal charges of healthcare fraud and receiving illegal kickbacks, according to officials. What Happened? Dr. Thillainathan, who owns and leads MDCareNow LLC, a medical group in Stratford and Milford, confessed to submitting false claims to the Connecticut Medicaid program. Between June 2019 and May 2022, he submitted $839,724 in fake claims for psychotherapy services that patients never received. Additionally, Dr. Thillainathan […]

crook
trending_flat
Dr. Peter Mulhern: A Sex Offender or Not? (2024)

Dr. Peter Mulhern, a 60-year-old orthopedic surgeon from Lady Lake, was detained during a prostitution investigation, according to Villages-News.com. According to the report, Dr. Peter Mulhern made an appointment to meet with a woman at the Sleep Inn motel in Wildwood. He believed the woman to be a prostitute and was willing to pay $300 for sex with her. He had earlier sent texts expressing his wish to meet. But he didn't know that he was going to be meeting with a Sumter County Sheriff's Officer. Two female undercover cops participated in the operation and posted sexually provocative images to a website. Arrests at Sleep Inn Hotel in Prostitution Sting Many people were taken into custody at the Sleep Inn hotel. The individuals apprehended were involved in setting up sex-related contacts with undercover deputies. The operation was designed to end […]

crook
trending_flat
Juan Monteverde Yacht Owner: A Sex Offender? (2024)

Juan Monteverde, the founding partner of Monteverde & Associates PC, has faced sexual harassment charges from a colleague. Continue reading for more information. Alexandra Marchuk, a worker of Monteverde and Associates PC, was sexually assaulted. Alexandra Marchuk, a former employee at Monteverde and Associates PC, alleged that she was sexually assaulted while working at the firm. Juan Monteverde, a founding partner at Monteverde and Associates PC and former attorney at Faruqi & Faruqi, was accused of sexually harassing Marchuk during her employment. In 2013, Marchuk filed a lawsuit against Monteverde, claiming that he had sexually assaulted her and subjected her to ongoing sexual harassment while she worked at the firm. The allegations against Monteverde gained widespread attention due to the serious nature of the charges. Marchuk, a graduate of Vanderbilt Law School, held a position at Faruqi & Faruqi LLP, […]

Be the first to leave a comment

Leave a comment

Your email address will not be published. Required fields are marked *

Login to enjoy full advantages

Please login or subscribe to continue.

Go Premium!

Enjoy the full advantage of the premium access.

Stop following

Unfollow Cancel

Cancel subscription

Are you sure you want to cancel your subscription? You will lose your Premium access and stored playlists.

Go back Confirm cancellation