Two former chief executives are among six bankers who face jail after being criminally charged with a $2.5 billion capital raising plot involving Australia’s ANZ bank.
The scandal involving the Australian heads of the American Citigroup and German Deutsche Bank will see the financial executives face a Sydney courtroom in July.
The charges were laid after a two-year Australian Competition and Consumer Commission investigation into the 2015 plot, involving ANZ, convinced the Commonwealth Director of Public Prosecutions to take action.
Two former chief executives are among six bankers who face jail after being criminally charged with a $2.5 billion capital raising plot involving Australia’s ANZ bank
Stephen Roberts, the former chief executive of Citigroup in Australia, is the highest profile defendant. He moved to Bank of America Merrill Lynch after the alleged scandal
Stephen Roberts, the former chief executive of Citigroup in Australia, is the highest profile defendant.
He moved to Bank of America Merrill Lynch after the alleged scandal and has now taken leave from his new position as that bank’s head of capital markets in Australia.
Citigroup’s former head of capital markets origination John McLean has also been charged along with the bank’s global head of foreign exchange trading Itay Tuchman.
Michael Ormaechea, who was previously Deutsche Bank’s CEO in Australia, is also accused of being part of a financial conspiracy along with his former head of equity capital markets for Australia, Michael Richardson.
Citigroup’s former head of capital markets origination John McLean has also been charged along with the bank’s global head of foreign exchange trading Itay Tuchman (pictured)
ANZ’s chief risk officer for Australia, Rick Moscati, is also among the six bankers who are due to face Sydney’s Downing Centre Local Court on July 3.
The Australian Competition and Consumer Commission’s chairman Rod Sims said the charges followed a long investigation into alleged financial malpractice.
‘These serious charges are the result of an ACCC investigation that has been running for more than two years,’ he said in a statement on Tuesday.
The Australian Competition and Consumer Commission’s chairman Rod Sims said the charges followed a long investigation into alleged financial malpractice at Citigroup in Australia
Sorry we are not currently accepting comments on this article.