Kuwaiti fraud suspect found dead

27 July 2009

A Kuwaiti businessman who had been accused of fraud in the US has been found dead in an apparent suicide.

Hazem Khalid al-Braikan, who was charged by the Securities and Exchange Commission (SEC) last week, was discovered in his bed with a gunshot wound on Sunday (July 26th), according to a security official.

Mr Al- Braikan was chief executive officer of Al-Raya Investment, which is partly owned by Citigroup.

The SEC had frozen $5 million in profits that were believed to have been made by conducting deals on the back of fraudulent takeover speculation involving Harman International Industries and Textron.

His company, along with the United Gulf Bank and KIPCO Asset Management, was said to have traded shares in the two firms after their values rose on suggestions that they were to be the subject of buyouts.

Once the rumors were found to be false, the shares prices of the two firms fell.

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