Vladimir Gersamia – £120 Million Fraud Exposed (Latest Update 2023)
- Vladimir Gersamia, 33, and Georgy Urumov, 37, defrauded the Russian group Otkritie.
- They then shifted the money to various accounts worldwide to hide it.
- They stood to gain £121 million by manipulating the financial product trade.
- However, they were found and sentenced to a total of 19 years in prison today.
Vladimir Gersamia, a City trader, has been sentenced for being involved in an ‘audacious’ and complex banking fraud that reaped £121 million. Gersamia was also charged with two charges of conspiracy to defraud and one count of conspiracy to commit money laundering.
Otkritie, a Russian-owned financial group, suffered fraud by Vladimir Gersamia and Georgy Urumov. They subsequently transferred money to several accounts all across the world in an effort to hide their crimes.
At Southwark Crown Court on Friday, Gersamia was given a total prison sentence of seven years, whereas Urumov had twelve years.
Fraudulent Partnership Between Vladimir Gersamia and Georgy Urumov
Judge Deborah Taylor stated that Georgy Urumov was the driving force behind the ‘audacious’ scam that created a smoke screen of falsehoods’ to cover up his tracks.
According to Bloomberg, Urumov personally made $40 million from the fraud, while Gersamia gained $6 million. He and his wife used some money to purchase a home in London’s St John’s Wood.
During the fraud, he showed disdain and disregard for others, according to the judge, who added, ‘A measure of your faith in the system is that you choose to put the money into UK property, in plain sight.’
The judge said that Vladimir Gersamia played a vital part and later became involved.
Gersamia and Urumov used the Russian-owned company Otkritie Securities Ltd to pay them around $25 million (£20 million), under a false assumption that the money would be sent to other people joining the firm.
They also traded Argentinian warrants, fooling his company that they had been purchased at four times their genuine cost and pocketing the difference.
How Vladimir Gersamia helped Urumov
Vladimir Gersamia worked for the financial firm ‘Threadneedle Asset Management’ to help hide Urumov tracks.
They stood to make more than $150 million (£121 million) by manipulating the financial product trade. Urumov was found guilty of two counts of conspiracy to defraud, two counts of conspiracy to commit fraud by false representation, and one count of conspiracy to commit money laundering.
Gersamia was found guilty of two counts of conspiracy to defraud and one count of conspiracy to commit money laundering.
Evidence Against Vladimir Gersamia
‘Due to the international nature of this fraud, the prosecution team evaluated millions of pieces of evidence and made preparations to call witnesses from around the world in order to make a convincing case to the jury,’ said CPS Specialist Prosecutor Alistair Dickson.
In a statement, Otkritie Holding Chairman Alexey Karakhan said his company was collaborating with law enforcement agencies in several countries, including Switzerland, Israel, and Russia, to investigate others implicated in the fraud.
‘We are more than satisfied with the jury’s decision and the strong message communicated by Urumov’s lengthy prison sentence,’ he added.
‘From the start, we promised to do all in our power to ensure that justice was served and that the fraudsters were held accountable for their despicable actions. This decision totally validates our strategy.’
The bank eventually agreed to a settlement of $25 million, to be divided between the five members of Urumov’s trading team. The court heard, however, that Urumov kept the lion’s share, more than $20 million, for himself.
At the opening of the trial in September, prosecutor Robert O’Sullivan told the jury that the case was about “City traders and the dishonest lengths they go to make money.” “A lot of money.”
Yulia Baulk, Urumov’s wife, was acquitted of one count of conspiracy to commit money laundering and one of entering into an agreement to promote money laundering.
About Vladimir Gersamia
Vladimir Gersamia is a product specialist at MMBI Trading. Gersamia was born in Tbilisi, Georgia in 1983. Later, Vladimer and his family relocated to the Netherlands.
He resided there for seven years until 1998 when he transferred to a British school in the Netherlands. He graduated from the elite Leys boarding school in Cambridge in 1998.
After graduating from university in 2004, Vladimer began working as an analyst in a City of London investment bank. MMBI is a widely recognized multinational dealer with offices in Dubai, Istanbul, Yerevan, Almaty, and Tashkent.
The case of Vladimir Gersamia and Georgy Urumov illustrates the devastation caused by white-collar fraud. Their complex fraud not only cost a Russian-owned banking business millions of pounds, but it also damaged public trust in the financial sector.
The involvement of law enforcement agencies from a number of nations, including Switzerland, Israel, and Russia, points out the worldwide reach of financial crime and the importance of coordinated efforts to tackle it.
While Gersamia and Urumov have been sentenced to 19 years in prison, this is unlikely to be enough compensation for the harm they have caused. The victims of their deception may never fully recoup their losses, and the broader impact on the financial system and public trust may be irreversible.