The indictment comes after a four month investigation into his trading activity between 1997 - 2000.
Rusnak allegedly executed unauthorised trades at AIB subsidiary Allfirst Financial. Although his attorneys claims he did not personally benefit from the transactions, which were designed to hide trading losses, AIB contend that he received hefty bonuses for what the bank assumed were profitable deals.
If convicted, Rusnak could go to prison for up to 30 years and may face $1m in fines.
It is widely believed that other bankers besides Rusnak could also soon be charged.
AIB Trader Charged
BBC Online reports that John Rusnak, the trader at the centre of the Allied Irish Banks (AIB) $691m FX trading scandal, has been indicted by a US federal grand jury.
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