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| -Lurid Crime Tales- |
| Egyptian conman convicted for $62 million scam |
| 2009-05-07 |
| [Al Arabiya Latest] If it sounds to good to be true it probably is, several actresses, football stars and politicians in Egypt found out after being swindled out of millions of dollars with promises of a 40 percent return on investment. Egyptian businessman Nabil al-Bushi was sentenced in absentia to 15 years in jail on Wednesday for swindling a star-studded list of more than 85 people out of more than $60 million. A Cairo court found him guilty of "swindling 350 million Egyptian pounds ($62 million) from Egyptian citizens via his Optima Security Brokerage firm," a judicial official told AFP. Bushi, however, has been held in Dubai since February pending trial on other fraud charges. Egypt's Madoff The swindler convinced investors to part with their cash by claiming to hold a senior position at the World Bank and to being a consultant on Egypt's investment policy for the next 20 years, earning him the nickname of "Egypt's Madoff." Bushi, whose accomplice Fekri Badreddine was in court and was jailed for three years, promised returns of up to 40 percent on investments in the London and New York stock exchanges between 2002 and 2008. Bushi and Badreddine were ordered to pay back the stolen money and pay fines of 10 million and 100,000 pounds respectively. Bushi was arrested in Dubai earlier this year for issuing four bounced checks. Egypt has asked for him to be extradited but UAE authorities have said they will not hand him over before the matter has been settled. |
| Posted by:Fred |
| #1 I guess Sharia Baning isn't that good either, but did anyone get their Falafa toaster? |
| Posted by: HammerHead 2009-05-07 09:59 |