Employee of SberBank Manipulated the Securities Markets for Almost 3 Years
OREANDA-NEWS The Bank of Russia has found the facts of long-term manipulation of the securities markets by the employee of Sberbank management company “Sberbank asset management”. Illegal actions lasted almost three years - from February 2014 to January 2017 - and affected 50 different instruments.
On Thursday evening, the Central Bank of the Russian Federation announced the fact of multiple and prolonged manipulation of 50 securities markets in the period from February 2014 to January 2017, carried out by an employee of the management company "Sberbank asset management" Berger. He made transactions with securities on behalf of the management company "Sberbank asset management", systematically carried out transactions with a narrow range of counterparties - legal entities under a preliminary agreement at the expense of own funds of the management company, as well as at the expense of mutual funds, the Pension Fund of the Russian Federation, as well as "Rosvoenipoteka".
In order to manipulate the securities markets, the employee also conducted transactions on behalf of “Pension savings” and “Sberbank”.
In particular, an unscrupulous employee made a purchase or unsecured sale of a certain number of securities at market prices, after which he put up a limited application to close this position at more favorable prices.
"In the course of more than a thousand series of such transactions, counterparties received income in excess of 150 million rubles, which is qualified in accordance with the Criminal code of the Russian Federation as a particularly large. Herewith, "Sberbank asset management", as well as subjects under the control of "Sberbank asset management", "Retirement savings" had suffered losses of at least comparable size," - said in the Central Bank.
As a result of the audit, the Bank of Russia sent materials to law enforcement agencies.