AIB Scandal Involved Fake Entries in Sungard's Devon

LONDON--Allied Irish Bank's John Rusnak, the trader accused by the bank of concealing losses amounting to $691 million over five years, inputted false trades onto Sungard's Devon System, which was used to process prime-brokerage accounts at Allfirst Financial, the bank's US subsidiary. A report issued last week by Eugene Ludwig of Wachtell, Lipton, Rosen & Katz does not fault Devon System's technology but refers to the abuses of the software and the bank's risk and audit process.

According to the