Steel Bosses Get Jail Time in $500 Million Trade Finance Fraud

Three executives of a British steel trading business were jailed over a $500 million trade finance fraud scheme.

Nasser Alaghband, chief executive officer of Balli Steel Plc, who had plead guilty and did not stand trial, was sentenced to six-and-a-half years in prison at Southwark Crown Court on Tuesday.

Melis Erda and Louise Worsell, managing director and treasurer respectively at a Balli Group Plc unit, were found guilty by a jury on multiple counts of fraud, were both sentenced to more than three years in jail. They were also given a six year ban from being company directors. ...