Fund Lost Millions In Mozambique Loan Fraud, Jury Told

Law360, New York (November 8, 2019, 10:37 PM EST) -- A former portfolio manager at AllianceBernstein on Friday testified of how the hedge fund lost millions of dollars from its stake in a Mozambican government-backed loan, which prosecutors say was tainted by a bribery scheme led by Privinvest executive Jean Boustani.

Marco Santamaria took the witness stand as prosecutors near the end of their case following over three weeks of trial for Boustani, a 42-year-old Lebanese national who stands accused of defrauding investors in loans made by Credit Suisse and Russian bank VTB to Mozambican state-backed special purpose vehicles.

Santamaria, who managed funds in emerging markets for AllianceBernstein, testified of how...

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