A Saudi Arabian company is suing the former chief executive of a collapsed Mideast bank for $9.2 billion, alleging he helped stage one of the largest global fraud schemes in history.
The lawsuit filed in Los Angeles federal court Monday accuses Southern California resident Glenn Stewart of fraudulently obtaining loans while he was CEO of The International Banking Corp. TIBC was the fourth-largest bank in Bahrain until it failed in 2009.
The lawsuit was filed by Ahmed Hamad Algosaibi & Bros., a firm run by a wealthy and influential Saudi family.
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