China Bank Unit Faces Ponzi Scheme Suit Over $46.5M Loss

Law360 (April 16, 2021, 10:52 PM EDT) -- A Canada-based investment firm has sued the Industrial and Commercial Bank of China Financial Services LLC in New York state court, accusing ICBC of looking the other way while an alleged Ponzi schemer used her accounts there to orchestrate a $100 million investment scam.

In its complaint filed Thursday, SureFire Dividend Capture LP sought at least $46.6 million that it, and its predecessors, invested in liquid hedge fund Broad Reach Capital LP, which was run by former broker Brenda Smith. According to SureFire, ICBC, a U.S. subsidiary of the state-owned Industrial and Commercial Bank of China Ltd., was the bank that was...

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