Saudi Company Settles With Former Bank CEO In Ponzi Scheme Suit

Saudi Company Settles With Former Bank CEO In Ponzi Scheme Suit

LOS ANGELES - Saudi business group Ahmad Hamad Algosaibi & Bros. Co. (AHAB) on Oct. 1 agreed to settle its $9 billion suit in a California federal court alleging that former The International Banking Group Corp. CEO Glenn Stewart orchestrated a Ponzi scheme, with terms of the settlement including Stewart's agreement to be interviewed by AHAB about the events and transactions at issue (Ahmad Hamad Algosaibi and Brothers Co. v. Glenn Stewart, No. 11-2596, C.D. Calif.).

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