Former Allfirst currency trader Mr John Rusnak pleaded not guilty yesterday to all seven counts against him of bank fraud related to losses of $691 million (€784.5 million) at the AIB-owned bank in Baltimore.
"We are pleading not guilty to all counts," said his lawyer, Mr David Irwin, entering the plea on Mr Rusnak's behalf at a five-minute hearing before US Magistrate Judge Paul Grimm in Baltimore.
A trial date has been set for February 10th, 2003, and two weeks allotted for the hearing. Mr Irwin said, however, that the plea was pro forma and he hoped the case would be resolved before that.
Mr Rusnak was indicted on June 5th in Baltimore federal district court on charges of falsifying trading records and of defrauding Allfirst of salary and bonuses over five years amounting to $850,000.
Under federal practice, a plea bargain can be negotiated whereby Mr Rusnak would change his plea to guilty in the anticipation of receiving a lesser sentence by saving the government the necessity of a trial.
Mr Irwin is waiting for documents relating to the case from the US attorney in Maryland under a discovery agreement before entering into discussions on a plea bargain. After studying the documents "we hope to find common ground", he said.
Each count against Mr Rusnak carries a 30-year jail sentence and a $1 million fine.
Mr Rusnak has co-operated fully with the FBI and is not accused of stealing any of the money he lost in trading, which could count in his favour.
Mr Rusnak is currently doing charitable work and has found comfort in religion, according to a report in yesterday's Baltimore Sun.
He is being counselled by the Rev Joe Ehrmann, a pastor at a non-denominational evangelical church who has a foundation that helps disadvantaged young people.
Mr Irwin said that Rev Ehrmann "has been a real spiritual anchor for him in these rough times".
Mr Rusnak (37), who lives in a Baltimore suburb with his wife and two children, had "to move forward and try to save his family and himself", he said and "Joe is in the saving business".
The Rev Ehrmann and Mr Rusnak have formed an inner city football league, and Mr Rusnak has worked with the homeless, which allows him to help and maintain his anonymity.
Rev Ehrmann told the Sun that Mr Rusnak is "extremely remorseful" over what happened at Allfirst.
