Epic Collapse of Dubai-Based Abraaj Nets U.S. Guilty Plea - Bloomberg:
A former executive at Abraaj Group pleaded guilty to conspiracy charges and agreed to cooperate with a U.S. probe of a scheme that helped lead to the world’s biggest private-equity insolvency in 2018.
Mustafa Abdel-Wadood, a former managing partner at the Dubai-based firm, appeared in federal court in Manhattan on Friday to admit he lied to investors across the globe in an attempt to hide losses at Abraaj and raise more money. He’s one of six former Abraaj executives facing racketeering and securities-fraud charges following an investigation by New York prosecutors.
The 49-year-old with Egyptian and Maltese citizenships was arrested in April in New York while on a college-shopping trip with his wife and son. Since then, he has been confined to his home in New York and subject to a $10 million bond. Abdel-Wadood is the only defendant to appear in court in the U.S.
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