Ponzi Of All Ponzis - 118 banks worldwide defrauded by Saudi conglomerate

A dispute involving a Saudi-Arabian business empire ended after the judge ruled it was complicit in defrauding more than 100 banks for billions of dollars. Liquidators called it "the largest Ponzi scheme the world has ever seen," and the judge labelled it a "cauldron of corruption." The verdict ended the longest and most expensive case in Cayman Islands history, which began in July 2016 and cost more then $100 million. A court ruled that a giant Saudi-Arabian business empire was complicit in defrauding more than 100 banks, in what liquidators called "the largest Ponzi scheme the world has ever seen."

https://finance.yahoo.com/m/e9aa349b-f88f-3ba8-905b-be03a2db9888/'an-enormous,-long-standing.html

Madoff is rookie compared to these gentlemen from Saudi Arabia....

 

Indeed. Slightly different class of victim, though, to be fair ...

 

The whole world made up of cheaters and cheated.

 

Wasn't Saudi Arabia involved in another famous event in world history? They should be fired..I'm calling ABC and Michelle

Electric911Savant

 

Funny the entire article didn't mention one word about what's going to happen with those Saudi fraudsters. At least Bernie Madoff is serving a 150-year sentence behind bars.

 

please present the justifications for a life sentence.

 

Somehow I'm guessing the bilateral extradition treaty between the Cayman Islands and the Kingdom isn't all that comprehensive, if one even exists....

 

The Cayman Islands are British (it's a "British Overseas territory").

 

but are they under the jurisdiction of FCA? I doubt it.

 

And these are Saudi nationals. Chances are they would want to be extradited to Saudi Arabia which they would get nothing.