Former treasury VP fined $2.5m
Published:Monday | January 9, 2012 | 12:00 AM
Former treasury vice-president of First Global Bank, Rohan Rose, who was charged last year with breaches of the Securities Act, has been fined $2.5 million.
He pleaded guilty last month when he appeared in the Home Circuit Court.
Rose, 38, paid the fine after senior puisne judge Gloria Smith fined him $2.5 million, or three years imprisonment.
He was first charged with two counts of conspiracy to defraud, forgery, uttering a forged document, causing money to be paid by false pretences and causing money to be paid by forged documents.
The director of public prosecutions withdrew those charges last month and directed that he should be charged with breaches of the Securities Act.
Rose was represented by K.D. Knight, QC, and attorney-at-law Bert Samuels.
The facts of the case were that Rose recklessly made a statement that was false. He was charged under Section 60 (B) of the Securities Act.
First Global Bank has sued Rose for the sum of US$7,643,131.43 as damages for breach of fiduciary duty, negligence, breach of contract, fraud, and restitution for and by reason of unjust enrichment.
The case is pending in the Supreme Court.
Rose was dismissed from the bank in 2009 following internal investigations which led to the discovery of unauthorised trading in US treasuries, resulting in losses of US$19.9 million.