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Article: Merrill Lynch hit by $40 million fraud.(Brief Article)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- January 21, 2000
CopyrightCOPYRIGHT 2000 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Investment bank Merrill Lynch has launched a full inquiry into the alleged fraudulent transfer of $40 million from the account of one of its leading Middle East clients. It is understood that the funds were siphoned, in six tranches, from the account of Arab International Bank (AIB) to a UBS account in Geneva.
"Merrill Lynch has paid in full its client for losses incurred as a result of an apparent misappropriation of securities by one former employee of Merrill Lynch's private banking group," says a spokesman. "We are pursuing both criminal and civil cases against the individual with a view to recovering these securities."
The former employee, Ashraf ...