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Lehman hit by $355 Million Fraud

By Mark H. Astarita, Esq.

As if Lehman, and the markets in general, this morning a report was released declaring that Lehman was fleeced out of more than $355 million in a fraud the investment bank believes was perpetrated by two employees at Japanese trading house Marubeni Corp. According to Reuters, the fraud may have hit other financial institutions as well. If 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.The Reuters story says that Lehamn is allegin that two former Marubeni employees convinced Lehman to help finance what it understood were Marubeni's equipment leases and supply contracts with hospitals...continue to full post

Full post as published by SECLaw.com on March 30, 2008 (boomark / email).