- LOS ANGELES: A company that claims it was the victim of one of the largest frauds in history has filed a $9.2 billion lawsuit in Los Angeles federal court.
Malibu resident Glenn Stewart is accused of working a vast fraud through a now-collapsed bank in Bahrain.
The Saudi Arabian company Algosaibi and Bros. filed the lawsuit against him Monday.
It alleges that Stewart took out more than $10 billion in loans while he was CEO of The International Banking Corp.
The suit alleges that Stewart falsely claimed the prominent Algosaibi company controlled what essentially was a phony bank.
The bank collapsed in 2009.
Stewart faces criminal charges in Bahrain but fled the country last year.
There is no Malibu phone listing for Stewart and an e-mail seeking comment Wednesday wasn’t immediately returned.