AIB investment group created fake trades to favour specific clients

AIB’S investment management subsidiary created artificial trades to boost the performance of certain clients’ investment portfolios, according to yesterday’s IFSRA report.

But there was no evidence that five former top executives at AIB, who benefited from the practice, including one-time chief executive Gerry Scanlan, knew what was going on.

Mr Scanlan was named earlier this year as a beneficiary of Faldor, an investment company registered in the British Virgin Islands that was managed by AIB Investment Managers between 1989 and 1996.