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Bank of America Allowed $160 Billion in Questionable Remittances: Congressional Witness
By Colby Adams and Brian Orsak
printBank of America failed to investigate $160 billion in suspicious transactions used to perpetrate an alleged $20 billion fraud by a wealthy Saudi Arabian businessman, a congressional witness said Tuesday. The transactions, from the "over-the-counter" remittance branch of Saudi Arabia-based Ahmad Hamad Algosaibi & Brothers (AHAB), were tied to an embezzlement scheme by the division's owner, said Eric Lewis in a hearing by the U.S. House of Representatives Financial Services Committee. The fraud involved $1 trillion in transactions through various accounts in New York, he said. Chairman of the House Oversight and Investigations subcommittee Dennis Moore (D-KS) said after the...
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