Saudi Conglomerate Hits US Man With $9B Fraud Suit

Law360, New York (March 29, 2011, 1:59 PM EDT) -- Ahmad Hamad Algosaibi & Brothers filed a $9 billion fraud suit Tuesday against Glenn Stewart, the former CEO of the defunct International Banking Corp. who is facing criminal charges in Bahrain, claiming Stewart helped operate a massive Ponzi scheme.

The suit, lodged by the Saudi Arabian conglomerate in the U.S. District Court for the Central District of California, claims Stewart helped Saudi billionaire Maan Al Sanea secure and misappropriate billions of dollars by borrowing in the plaintiff's name and forging loan guarantees in the plaintiff's name....
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