Ex-Balli Steel boss sentenced to prison for trade financing scam

London's Southwark Crown Court on April 4 sentenced Nasser Alaghband, the former chief executive of the collapsed firm Balli Steel PLC, to six and a half years of jail for his involvement in a widespread trade financing fraud, XM reported citing Reuters. Mr. Alaghband had helped Balli Steel in obtaining trade financing and lied to banks as the company’s financial position deteriorated in 2012 and 2013. The fraud costed five lenders a total of approximately $150 million.