Lehman appears to have been a victim of a fraud in which swindlers used forged documents from one of Japan's biggest trading companies to bilk it out of as much as $250 million...
Lehman grew concerned at the end of February when its funds were not repaid, according to a person familiar with the situation. The LTT Bio-Pharma subsidiary filed for bankruptcy protection on March 19.
Lehman officials acknowledged that the firm has filed a criminal complaint with Japanese police about the situation. A spokesman says the firm believes Marubeni is responsible for repaying Lehman, which is studying how it might proceed.
In a statement, Lehman said it was "working closely with the authorities to seek full recovery of funds it believes to have been fraudulently misappropriated."
http://online.wsj.com/article/SB120675856370773951.html?mod=hps_us_whats_news
Seeking a full recovery? The Japanese documents were forged. Lehman got snookered. The money's gone, in the bank they'll never find.
The only thing left is to move the receivable to a Level III asset!
In the warehouse that never was.
1 comment:
Now up to $400 million
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