A Los Angeles federal court on Tuesday refused to dismiss a lawsuit brought by Ahmad Hamad Algosaibi & Brothers Company (AHAB) against Glenn Stewart, an alleged key lieutenant in a $9 billion Ponzi scheme. Stewart, who illegally fled Bahrain while under criminal investigation, now lives in Pacific Palisades, CA.
AHAB alleges that Stewart was one of the principal architects of a massive international fraud and money laundering scheme masterminded by the Saudi / Kuwaiti national Maan Al Sanea, who was entrusted by AHAB with the operation of a small financial services wing of the conglomerate, used his position to engage in billions of dollars in unauthorized borrowing, and then misappropriated the proceeds. Stewart tried to persuade the California court that it should dismiss AHAB's lawsuit, arguing that AHAB's claims were barred under Saudi and Bahrain law, but Judge Dale Fischer of the U.S. district court rejected those contentions, describing Stewart's claim that AHAB lacked standing to sue him as "frivolous."
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