Kuwaiti 'fraud suspect' found dead | News | Al Jazeera

Kuwaiti 'fraud suspect' found dead

Security officials reportedly find body of businessman facing court case in US.

    The SEC had filed a case against al-Braikan in the
    US over an alleged fraud [GALLO/GETTY] 

    The US Securities and Exchange Commission (SEC) last week charged al-Braikan with scheming to make millions through fake offers to acquire American companies.

    The SEC said it was freezing more than $5m in trading profits in his name and three companies he was associated with.

    Al-Raya Investment, which is 10 per cent owned by the New York-based banking giant Citigroup, on Saturday denied that it had committed any violations in the US.

    "The board of directors of Al-Raya Investment Company has reviewed all pending issues related to the civil lawsuit against it, its chief executive and other companies by the SEC," Al-Raya said in a statement.

    "The board ... confirms the correctness of these dealings made by the CEO on behalf of the company."

    In a separate statement, Al-Braikan said that he had named a US lawyer to defend him in the case.

    SOURCE: Agencies


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