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Scams

From Ponzi schemes and ‘419’ frauds, to duff Italian suits and ‘bulletproof’ powers, the Middle East is no stranger to the (often bizarre) arts of the conman.

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February 27, 2010 11:03 by



The Middle East has its own answer to Madoff, in the form of Egyptian billionaire Nabil al-Boushi.

Last September Al-Boushi was sentenced by the Dubai Court of Misdemeanors to two years in prison for issuing a dud cheque of $1.3 million. The sentence came more than two months after another three-year prison sentence passed on him for issuing a bad $6.1 million cheque.

In May 2009, a Cairo court sentenced al-Boushi to 15 years in prison in absentia, after he was convicted of fraud. Al Boushi was found guilty of promising fake returns totaling $62 million to investors, in a fraud similar to Madoff’s Ponzi scheme.



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1 Comment

  1. Jayson Vanoosten on May 31, 2011 11:34 pm

    Can You believe how many video clips there are on Youtube? And take a closer look at the traffic. What tech support must they have there! Crazy!

     

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