Saturday, September 5, 2009

Al-Jazeera Video: Victims of Lebanon's 'Ponzi scheme' speak out - 04 Sept 09

"Salah Ezzedine, a Shia from southern Lebanon who has been dubbed the "Bernard Madoff" of his country, was arrested earlier this week when he filed for bankruptcy.

The Lebanese businessman accused of defrauding investors in a Madoff-style Ponzi scheme is under investigation after turning himself in to authorities.

Reports surfaced that he had squandered more than $1.5 billion of his clients' money, offerring interest rates as high as 55 per cent and that part of his clientele was from the oil-rich Gulf region.

Al Jazeera's Amal Hamdan reports on the story of Mohammad Shour, one of Ezzedine's clients who decided to invest his family's savings but lost everything. "

A Related Article (in Arabic) From the Lebanese Paper Al-Akhbar:

قضيّة صلاح عز الدين: إنذار مبكر لبيئة المقاومة
ابراهيم الأمين

"لن يكون بمقدور أحد تبرير ما حصل في قضية صلاح عز الدين، لكن حكايته يجب أن تمثل جرس الإنذار الأكبر للوسط الاجتماعي الذي يمثله الرجل في عاداته وحساباته، وهو الوسيط اللصيق بحزب الله، وليس القريب منه فقط، باعتبار أن غالبية المودعين عند الرجل، هم من عائلات الحزب وأنصاره ومؤيديه، حتى إن كثيرين تعاملوا معه بثقة كبيرة مع نتيجة أشياء عدة، أبرزها ما أشيع عن أنه «شريك الحزب».

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