Trader in £500m loss is charged

A CURRENCY trader who lost £500m for an American subsidiary of Allied Irish Banks has been charged with fraud and illegally altering records. John Rusnak appeared in a US court on Wednesday accused of hiding huge losses at Allfirst Financial in Baltimore between 1997 and last year.

Prosecutors say that while Rusnak did not take any of the money for himself, he collected bonuses worth more than £300,000 over the last five year based on non-existent profits.

The charges follow a fourmonth inquiry into the scandal. Rusnak's lawyer said he 'continues to be remorseful about the situation''.