Investments
Apr. 2, 2011
Allegations of Saudi Ponzi Scheme Land in L.A.
A prominent Saudi family filed a federal lawsuit this week that accuses a U.S. film producer of orchestrating an alleged $10 billion Ponzi scheme second only to the Bernard Madoff scandal.
Daily Journal Staff Writer
LOS ANGELES - A prominent Saudi family filed a federal lawsuit this week that accuses a U.S. film producer of orchestrating an alleged $10 billion Ponzi scheme second only to the Bernard Madoff scandal.
According to the 46-page complaint, Glenn M. Stewart, of the Pacific Palisades, masterminded an alleged scheme to forge loan documents in Bahrain, where he faces criminal charges.
The alle...
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