The U.S. Attorney for the southern district of New York state and the Federal Bureau of Investigation have arrested four base metals traders on charges of running an alleged global fraud scheme that cost a group of commercial banks more than US$600 million.
The four traders allegedly conducted the scheme through Allied Deals, Hampton Lane and SAI Commodity, all of Piscataway N.J., as well as U.K.-based RBG Resources, a metal trading company run by a relative of one of the traders.
Since May 2000, the traders allegedly stole millions of dollars in loan proceeds from several banks, including JP Morgan Chase and Co., Fleet National Bank, China Trust Bank and Dresdner Bank Lateinamerika AG.
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