Bandidos, a former J.P.Morgan employee and a multi-million dollar swindle of the Commonwealth Superannuation Scheme - one man has so far pleaded guilty to a money laundering charge in a $150 million bank fraud case.

According to reports from the Sydney Morning Herald, Jamieson Vincent, who belonged to a crime group linked with the Bandidos Motorcycle Club, pleaded guilty two days ago to money laundering on the first day of a four-week trial.

He pleaded guilty to his role in stealing $150 million from the Commonwealth Superannuation Scheme, in a case that also involved 11 others including a J.P.Morgan employee.

According to the article, three members of the group - including the J.P.Morgan employee - sent a fake request to transfer $150 million across four accounts in Greece, Switzerland and Hong Kong.

The $150 million were held in J.P.Morgan.

A mistake in the Greek transfer was what alerted the police about the fraud and all accounts were frozen, noted SMH.

The fraud occurred on Christmas Eve seven years ago, and while most of the money have been recovered, around $3.4 million were gambled away on a casino boat off Hong Kong.

Eight have since been convicted for the crime.

The article quotes Ernst Hufnagl, a pensioner, Barry Osbourne, a Telstra employee, and Gregory Bourchier, a J.P.Morgan employee, as those convicted over the conspiracy in 2008.

Five others, including Vincent, have since been convicted of money laundering, noted the article.

A statement prepared by J.P.Morgan at the time the fraud occurred read: "In December 2003, J.P.Morgan was a subject of a highly sophisticated attempted fraud.

"At the time this occurred, the matter was disclosed to governing and regulatory bodies including the Australian Federal Police, the Ministers of Finance and Administration, the Auditor General, the Australian Prudential Regulation Authority and ASIC.

"It's a matter of public record that 12 people were charged in relation to the attempted fraud.

"The attempted fraud was the subject of a criminal investigation by the Australian Federal Police, and accordingly, J.P.Morgan is unable to provide further details or commentary."

Bourchier is no longer in J.P.Morgan's employ, confirmed a spokesperson of the firm.