Kippreport investigates if oil prices aren’t the only cause for the market slumpAugust 27, 2015 12:00
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.
February 27, 2010 11:03 by kippreport
‘Bernie Madoff of Egypt’
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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