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George Urumov, the global head of fixed income at Russian brokerage firm Otkritie, has been accused by his employer of embezzling at least $17.8 million in signing bonuses, Bloomberg reported.According to the report, Urumov, who was based in London, told the brokerage firm that he could bring four colleagues with him from Knight Capital as long as they all received $5 million “golden hellos” (aka signing bonuses).
Otkritie says that’s not how it played out. Here’s what he allegedly did.
Instead, Urumov arranged for three payments, of $500,000, $750,000 and $1 million, and kept the remainder of the $25 million pool, according to the filing.
Urumov, an HSBC veteran who formerly worked at Knight Capital, denied the allegations.