Ex-baltinvestbank Employee Faces Up To Four Years In Prison For Fraud On The Stock Exchange

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Former Baltinvestbank employee Andrei Kornilov, who, according to investigators, committed fraud on the stock exchange where the shares of the financial structure were exposed, faces up to four years in prison and damages worth more than 10 million rubles. About one of the few criminal cases that have reached the court, initiated on the fact of criminal manipulations in the securities market, the newspaper Kommersant writes.

Kornilov is accused of the Investigative Committee of Russia under Part 1 of Article 185.3 of the Criminal Code of the Russian Federation. According to the indictment, Kornilov, who was the chief specialist of the stock operations department of the financial markets department of Baltinvestbank, made several operations with securities in the main trading mode of Moscow Exchange PJSC, which resulted in damage in the form of excessive and economically unjustified spending of money funds of this credit institution in the amount of 11 831 512 rubles. According to the calculations of the investigation, the attacker earned 12.2 million rubles on fraud.

In September, a criminal case was filed with the Petrograd District Court of St. Petersburg; A preliminary hearing has not yet been scheduled. Kornilov is not held in custody, but under his own recognizance and proper conduct.

The Central Bank's suspicions were caused at the time by operations with 37 securities conducted between January 1, 2014 and August 25, 2015. The scheme was as follows: the accomplices of the person involved - his sister Natalya Kornilova, as well as some Maria Smirnova or Pavel Govorov - opened a position by buying or unsecured sale of securities, and after a short time they put forward an application to close such a position at a bargain price. In turn, Kornilov, on behalf of the credit institution, began to conclude transactions with the same securities in the same direction in which the individual opened the position. As a result, there was a noticeable change in the price of these securities in the direction of increasing the financial result of an individual, and this position was closed with a profit.

The Central Bank handed over materials regarding Andrei Kornilov to law enforcement agencies, and his accomplices were brought to administrative responsibility.

The press service of the Investigative Committee of the Russian Federation reported on the completion of the investigation against Kornilov in early June. They pointed out that from 2014 to 2015 he held the position of chief specialist of the stock operations department of the financial markets department of one of the **** banks of St. Petersburg. Being an authorized employee of this credit institution for the purchase and sale of securities, as well as having electronic access to a bank account for trading on one of the electronic trading platforms, he, in violation of federal law, used the above means of access on behalf of the bank and made a series of purchases, and after a short time - and the sale of shares in large enterprises.

“As a result of these illegal actions, which led to a significant deviation in the price and volume of trading in these financial instruments, Kornilov received a joint total income of more than 12 million rubles in favor of his affiliates, which he ordered at his discretion. In addition, the investigation established the damage to the credit institution in which the accused carried out his activities in a total amount of more than 11 million rubles, ”the Investigative Committee noted.
 
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