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'Wealth Factor' Costs $2B Fraud Suspect Yet Another Bail Bid

Law360 (May 16, 2019, 6:58 PM EDT) -- Two days after expressing concerns about the "wealth factor" involved, the Second Circuit on Thursday rejected a Lebanese salesman and accused fraudster's emergency bid to be released on $20 million bond.

A former lead salesman for Abu Dhabi-based shipbuilder Privinvest, Jean Boustani is accused alongside former Credit Suisse bankers and Mozambique's former finance minister of a bribery and investor fraud scheme connected with $2 billion in government-backed loans for purported maritime projects.

Since being denied bail by a federal magistrate judge after his January arrest, Boustani has repeatedly argued for a proposed bail deal featuring a $20 million personal recognizance bond,...

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December 19, 2018

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