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Och-Ziff Scammed in Japan for $77M
by Christopher Glynn ,Senior Reporter, April 18, 2008

Och-Ziff Capital Management got hoodwinked in a racket involving Tokyo trading company.

Its Hong Kong business lost $77 million partnering with Marubeni Corp., The Wall Street Journal reported.

Och-Ziff was supposed to team with Marubeni to lend money to distressed businesses in Japan. Instead, the hedge fund got swindled.

Lehman Bros. was also taken in by the Marubeni scam. According to a lawsuit, the investment bank is looking to recoup $352 million from Marubeni.

Lehman blamed Marubeni staff for the fraud. In its defense, Marubeni said it too was duped, and claimed it has fired the people who hatched the scheme.

Och-Ziff went public in November.

  
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2 Comments
Got a comment? Post it below.
POSTED BY Christopher Glynn at 4/18/2008 9:52:15 AM
$77mm is chump change to the $30bn hedge fund manager, but it does suggest weakness in their due diligence process. However, it is very difficult to catch a well-orchestrated fraud.
POSTED BY Bullwinkle at 4/21/2008 8:11:58 AM
 
 

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