The Daily Caveat is written by Michael Thomas, a recovering corporate investigator in the Washington, DC-area. [More]
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4/01/2008
Falsified Accounts Lead to $200 Million Loss for Australian Broker
Opes Prime, once a leading brokerage firm down under, has collapsed in the wake of fraud allegations, with serious repercussions in the Australian market. The Australian Securities and Investments Commission is investigating.
Reportedly Lirim Emini, head of the firm, directed his staff to cover up the losses of six large investors, hiding $200 million in losses. The disintegration of the firm has left behind a $1billion in debts to creditors and 1200 or so clients at loose ends.
Even worse news for Emini whose apparent connections to the mob are coming back to haunt him. A couple of key clients have turned out to be connected to organized crime figures and one imagines they may not deal charitably with their losses.
Also, a civil suit from investors is pending, naturally.
-- MDT
Falsified Accounts Lead to $200 Million Loss for Australian Broker
Opes Prime, once a leading brokerage firm down under, has collapsed in the wake of fraud allegations, with serious repercussions in the Australian market. The Australian Securities and Investments Commission is investigating.Reportedly Lirim Emini, head of the firm, directed his staff to cover up the losses of six large investors, hiding $200 million in losses. The disintegration of the firm has left behind a $1billion in debts to creditors and 1200 or so clients at loose ends.
Even worse news for Emini whose apparent connections to the mob are coming back to haunt him. A couple of key clients have turned out to be connected to organized crime figures and one imagines they may not deal charitably with their losses.
Also, a civil suit from investors is pending, naturally.
-- MDT
Labels: accounting fraud, ASIC, Lirim Emini, Opes Prime
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