By Will Sturgeon, 15 March 2002 07:20
NEWS John Rusnak, the 'rogue trader' at the centre of the £485m losses at Allied Irish Bank has managed to drag a number of colleagues down with him, including David Cronin the treasurer at US subsidiary Allfirst, following an investigation into the fraud. However, investors are angered by the fact the top brass within AIB have been untouched despite the investigation revealing a lack of control over the business at senior levels. Perhaps more noteworthy from an IT perspective is one of the glaring flaws in Rusnak's plan. Investigators looking into the fraud were aided by evidence found on Rusnak's home computer, including fake documentation which he had used to complete his rogue transactions. And where did he keep these all important files? Encrypted, behind layers of security and indecipherable passwords? No, he kept them in a folder called "Fake Docs". Wannabe fraudsters and master criminals alike should take note.
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