FSA orders report from Threadneedle on rogue trade Irregularities in some of the trades he was involved in were picked up by Threadneedle's internal processes resulting in an investigation. The trade was not allowed to go ahead and Mr Gersamia was dismissed. City of London Police confirmed they were investigating "an alleged $150m attempted fraudulent claim" and had arrested a 32-year-old man. Neither Threadneedle, owned by US financial group Ameriprise, nor Otkritie have lost any client money as a result of the alleged wrongdoing. A former employee of Otkritie, George Urumov, has been arrested. The ex-head of fixed income was detained by City of London Police in October last year. He has not been charged and denies any wrongdoing. Otkritie is understood to have frozen two-thirds of funds involved in the trade. The company said it was hopeful the remainder would be recovered. It said: "All this happened a year ago and while it is never pleasant to be the victim of a sophisticated fraud, in this case no client money has been lost." Threadneedle said it was not being investigated by the FSA but declined to comment on the Section 166 order, which require a company to produce third-party reports on internal processes for the FSA.