Word: frauds
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Dates: during 1990-1999
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...dealmaking record. Two former executives of Chaumet, which the bank took over in 1987, accuse it of engaging in accounting gimmickry. The elegant French jeweler, with headquarters in Paris' Place Vendome, was acquired for $45 million in a court-supervised sale after its previous owners were charged with fraud and forced into bankruptcy. Investcorp then sold chunks of the company to clients. Later, as part of a turnaround strategy, seasoned French jewelry executive Charles Lefevre was installed as chairman, working under Investcorp's close supervision...
Another little-noticed case involves even more serious charges. The complaint, filed in Manhattan federal court, accuses Investcorp and five of its board members, as well as other defendants, of fraud and extortion. According to the complaint, the defendants tried to loot the Saudi European Bank, an Arab-owned institution in Paris. The lawsuit was filed by the bank's former parent company, headed by Syrian-born banker Jamal Radwan. The complaint charges that several defendants concocted a scheme for Investcorp to take over Saudi European Bank. In addition, Kirdar allegedly threatened to persuade other banks to stop doing business...
SUED. STEPHEN MEYERS, half of Jacoby & Meyers, the chain legal partnership that peddles litigation like cubic zirconia; by LEONARD JACOBY, the other half; for breach of partnership, fraud and emotional distress; in Los Angeles. Jacoby wants $2 million from his partner of 23 years...
...general manager of futures trading for Britain's Barings bank in Singapore, wiped out some $1.38 billion of the bank's funds in Asian futures markets. The loss was more than the 232-year-old investment institution could cover. Leeson was charged with eleven counts of fraud and forgery. "One of the reasons for fleeing to Germany," says TIME's John Moody, "was an obvious fear of the kind of punishment he faced in Singapore. It must have been a very difficult decision to give up the extradition fight...
...Blue Suit: A Memoir of Crime, just published by Houghton Mifflin (216 pages; $19.95), Richard Rayner, a British writer now living in Los Angeles, tells of how, while a Cambridge University undergaduate in the 1970s, he drifted into a yearlong crime spree of shoplifting, check forgery, housebreaking and bank fraud--following the mysterious disappearance of his father, who had been sent to jail for embezzlement. The writing is stripped-down Dostoyevsky ("My head itched. Cold sweat ran down my flesh...."), the overall effect as unnerving and oddly exhilarating as the life of a secret thief apparently was for the author...