Kuwaiti Financier Linked To Citigroup Charged With Fraud In The US Kills Himself

[babylonsister]

Hazem al-Braikan, Kuwaiti Charged With Fraud In The US, Kills Himself

DIANA ELIAS | 07/26/09 05:35 PM | AP


KUWAIT CITY — A Kuwaiti businessman linked to Citigroup and charged in the United States with fraud committed suicide Sunday, a security official said.

Hazem al-Braikan was found dead in his bed with a gunshot wound to the head and a handgun at his side, said the official, speaking on condition of anonymity because he did not have the full details.

The U.S. Securities and Exchange Commission charged al-Braikan last week with scheming to make millions by manipulating the stock of certain U.S. companies. The SEC said it was freezing more than $5 million in profits believed to have been made off the questionable deals by al-Braikan and three companies with whom he is associated.

Al-Braikan was CEO of Al-Raya Investment Co. which is 10-percent owned by the New York-based Citigroup Inc.

The SEC says al-Braikan's company as well as two other companies – the United Gulf Bank and KIPCO Asset Management Co. – traded shares based on two phony announcements. One announcement faxed to media outlets July 19 and subsequently reported on the Internet the following day stated that a Middle Eastern investment group made an offer to acquire Stamford, Connecticut-based electronic systems maker Harman International Industries Inc.

Harman was forced to issue a statement last Monday denying it had been approached by a mysterious Gulf investor known as the Arabian Peninsula Group following a number of media reports. The company's shares tumbled sharply once the hoax was revealed.

more...

http://www.huffingtonpost.com/2009/07/26/hazem-albraikan-kuwaiti-c_n_245087.html

[lxlxlxl]

1. great story...

there's another saudi financial scandal out there, but i forget the details. the pwc/satyam mess in india is a fascinating story also.