Malibu financier sued for $9.2 billion fraud

A prominent Saudi Arabian company that claims it was victimized by one of the largest frauds in history filed a $9.2 billion lawsuit in Los Angeles federal court. The lawsuit by Algosaibi and Bros. accuses Glenn Stewart of Malibu of falsely obtaining more than $10 billion in loans — supposedly for Algosaibi — through a now-collapsed bank in Bahrain. Stewart allegedly operated a “sham bank” that forged Algosaibi documents to get loans from some 100 financial institutions.

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