$90B Humanitarian Fund A Sham, Ex-Im Co. Head Says

Law360, Los Angeles (July 19, 2013, 9:48 PM EDT) -- Dumas International Ltd. and its managing partner were hit with a lawsuit in New York federal court Friday by the president of an export-import business and another investor who say the Dumas team defrauded them of $10 billion and tried to dupe them out of $80 billion more meant for global humanitarian projects.

Kingsley Enterprises NY Inc. President Pir Mumtaz Khan and board member Lorenzo Palazzolo claim that McElroy induced them to invest $90 billion in funds controlled by Malaysian investor Sumadi bin Wardi in Kingsley/Dumas LLC,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.