Lehman Alleges Japan Investment Fraud

[formercia]

Source: Yahoo


AP

Sunday March 30, 7:33 am ET
By Mari Yamaguchi, Associated Press Writer
Investment Bank Lehman Brothers to Sue Japanese Trading Firm Over Alleged Fraud

TOKYO (AP) -- Lehman Brothers is accusing a Japanese trading company of perpetrating a massive fraud and plans to sue it for hundreds of millions of dollars, officials at the U.S. investment bank said Sunday.

Lehman is seeking to recoup $350 million in outstanding loans, which it provided to a unit of LTT Bio-Pharma, according to company officials, who spoke condition of anonymity, citing the sensitivity of the case.

--snip--

Matthew Russell, a senior spokesman for Lehman Brothers Holdings Inc., said that Japanese trading giant Marubeni Corp. secured the loans and should repay them. The company's Japanese unit, Lehman Brothers Japan Inc., will file a civil suit as early as Monday at the Tokyo District Court, Russell said.



Read more: http://biz.yahoo.com/ap/080330/japan_lehman_brothers.html

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There's blood in the water, folks.

[UpInArms]

1. it's definitely getting interesting to see the levels of corruption in these huge sums

here's another link to that story:

Lehman hit by $355 mln fraud, blames Marubeni-source

NEW YORK/TOKYO (Reuters) - Lehman Brothers (LEH.N) was fleeced out of more than $355 million in a fraud the U.S. investment bank believes was perpetrated by two employees at Japanese trading house Marubeni Corp. (8002.T), according to a person briefed on the matter.

The fraud may have hit other financial institutions as well, according to the source, who spoke on condition of anonymity.

If Lehman's arguments are true, the scamsters perpetrated one of the more sophisticated corporate con jobs since Enron set up a fake trading floor to impress analysts. Lehman believes the scam included forged documents and an imposter.

<snip>

When Lehman sought payment under its deal on Feb 29, 2008, Marubeni said the seals on the contracts had been forged, and refused payment, according to the person briefed on the matter.

...more...

makes you go: hmmmmm....

[formercia]

2. Yakuza

Master Moon and his Japanese Mafia buddies is my guess.

[glowing]

3. Most likely went to paying for some lands in Paraguay.

[formercia]

4. Loot and scoot.n/t

[defendandprotect]

5. "No honesty among thieves" . .. ???