Macquarie Group is chasing $US40.7 million ($52 million) from an American family that ran a billion-dollar-plus cocoa trading business, after emails between staff allegedly revealed one of the biggest fraud cases in recent US history.
Macquarie has joined forces with several other banks including Dutch financial giant ABN AMRO to sue the father-son duo that ran one of the world’s largest suppliers of cocoa products, Transmar.
The banks allege they were hoodwinked into believing Transmar was financially sound ahead of lending the company a total of $US360 million in 2016.
The civil lawsuit was filed on Monday in the New Jersey courts.
Read the full article at: http://www.smh.com.au/business/banking-and-finance/macquarie-group-sues-family-of-alleged-us-fraudsters-for-50-million-20180110-h0g9u5.html
