Thursday, Oct 23, 2008
First you get ripped off, then the sucker who defrauded you dies
WSJ: The Auction-Rate Securities After-Party: Lehman Gets an Invite
M. Brian Maher and Basil Maher sold their family’s billion-dollar shipping business and invested some of the proceeds with Lehman. After the auction-rate market collapsed, they lost access to $286 million that was tied up in the securities. Brooklyn Prosecutors are probing whether Lehman put the securities into the brothers’ and other customers’ accounts despite knowing the market could collapse.
A spokeswoman for a unit of Barclays PLC, which bought Lehman’s core U.S. business following its bankruptcy, declined to comment, as did a spokesman for the U.S. attorney’s office in Brooklyn. In a statement, attorneys for the Maher family said it is “aware of and is cooperating with an investigation of Lehman Brothers by the U.S. Attorney’s Office for the Eastern District of New York.”
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