Skip to: Content
Skip to: Site Navigation
Skip to: Search
SUNDAY, NOVEMBER 22, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter


10

'Lebanese Madoff' Shames Hezbollah

Financier accused of using ties to party to dupe Shiites out of their savings

Share

(Newser) – A Lebanese businessman's billion-dollar Ponzi scheme has left thousands of investors penniless and Hezbollah leaders seriously embarrassed, reports the New York Times. Salah Ezzedine—dubbed the "Lebanese Bernie Madoff" by the nation's press—has strong ties to Hezbollah, and many of the mostly Shiite investors in his scheme say that led them to trust him when they were wary of banks and other mainstream Lebanese institutions.

Ezzedine, owner of a publishing house that specializes in religious titles, has been charged with embezzlement and fraud. Hezbollah leaders—some of whom were among the duped investors—have set up a crisis network to help victims, but have rejected calls to provide compensation. Some investors still remain loyal to Ezzedine, blaming the collapse of his investment scheme on the US and Israel.

A man checks books at Dar Al-Hadi Publishing House, one of Lebanon's most prominent publishing houses of religious Shiite books. The firm's financier owner has been charged with fraud.
A man checks books at Dar Al-Hadi Publishing House, one of Lebanon's most prominent publishing houses of religious Shiite books. The firm's financier owner has been charged with fraud.   (AP Photo/Bilal Hussein)
A Shiite woman holds a poster of Hezbollah leader Sheik Hassan Nasrallah during a rally marking the ninth anniversary of Israel's troop withdrawal from southern Lebanon.
A Shiite woman holds a poster of Hezbollah leader Sheik Hassan Nasrallah during a rally marking the ninth anniversary of Israel's troop withdrawal from southern Lebanon.   (AP Photo/Bilal Hussein)
Lebanese farmer Mahmoud Sheet checks his sunflower plants in the village of Kfar Kila, southern Lebanon. Hezbollah's heartland has suffered heavy financial losses in a Ponzi scheme.
Lebanese farmer Mahmoud Sheet checks his sunflower plants in the village of Kfar Kila, southern Lebanon. Hezbollah's heartland has suffered heavy financial losses in a Ponzi scheme.   (AP Photo/Mohammed Zaatari)
« Prev« Prev | Next »Next » Slideshow

It’s a disaster, a tsunami. Some farmers mortgaged their fields and brought in cash. Others sold land they had inherited from their parents. Teachers gave up all their savings. Old people lost everything they had.
- An investor bilked by Ezzedine

« Prev« Prev | Next »Next » Slideshow
OFF THE GRID
11.20.09
The Health-Care Wars Have Just Begun
11.19.09
Sarah Palin Deserves Some More Attention
10 comments
VIEWING:
 
riffran
Sep 16, 09 1:55 AM CDT
they should make him wipe his butt with his right hand instead of his left...lol Reply
Vote up! Vote down!
+1
bewilderbeast
Sep 16, 09 4:36 AM CDT
Anyone else noticed the strong correlation between religion and fraud? Beware the investment advisor who says bless you brother. Reply
Vote up! Vote down!
-1
IN RESPONSE:
wwwonderer
Sep 16, 09 10:12 AM CDT
The correlation between religion and fraud. Many times religion is a fraud without any money of valuables exchanges hands.
Vote up! Vote down!
0
riffran
Sep 16, 09 5:54 AM CDT
religion is the opiate of the masses..I would sooner trust a god fearing farmer with his hand out than a preacher with HIS hand out. The higher up they get it seems the more corrupt Reply
Vote up! Vote down!
+3
IN RESPONSE:
my-name-here
Sep 16, 09 7:29 AM CDT
Agreed.
Vote up! Vote down!
0

View all 10 comments »

LEAVE A
COMMENT Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.

 

Related Newser Stories

164 Stories

 Israel Captures Alleged 
 Iranian Arms Ship 

Smuggled weapons were headed for Hezbollah, Israel says

Nov 4, 09 10:58 AM CST
(Newser) - Israel has seized a cargo ship it says was being used to smuggle hundreds of tons of weapons from Iran to Hezbollah in Lebanon. Though the ship has been sequestered, Israel tells the BBC it does not believe the crew was aware of the operation, and that the weapons were... More »

MORE ABOUT:
Iran • Israel • Lebanon • Hezbollah • Mediterranean Sea • search and seizure • weapons • arms smuggling

Madoff Colleague Found Dead in Swimming Pool

Jeffry Picower faced Ponzi scheme lawsuit

Oct 25, 09 4:07 PM CDT
(Newser) - Philanthropist Jeffry Picower, who allegedly reaped billions of dollars from longtime friend Bernard Madoff's Ponzi schemes, was found dead today at the bottom of his Florida swimming pool. Efforts to revive him failed, and his death was ruled a drowning, police said. Picower, 67, wife Barbara, and their foundation were... More »

MORE ABOUT:
philanthropy • fraud • lawsuit • Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities • Jeffry Picower • Picower Foundation • Barbara Picower

Madoff Trustee Sues Relatives for Not 'Doing Their Jobs'

$199M suit spreads blame to firm's execs

Oct 2, 09 3:15 PM CDT
(Newser) - The trustee in the Bernie Madoff case, delivering on his threat to sue the imprisoned fraudster's relatives and co-workers, filed a $199 million lawsuit today in bankruptcy court. Rather than alleging that they knew about Bernie's Ponzi scheme, Irving Picard's complaint takes issue with the way brother Peter, sons Mark... More »

MORE ABOUT:
fraud • federal prison • Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities • Irving Picard • Peter Madoff • Andrew Madoff • Mark Madoff • Shana Madoff

164 Stories


World  •  Business  •  Crime & Courts 
TwitterFollow @NewserWorld on Twitter

 
Lebanon • fraud • Shiite • Hezbollah • Ponzi scheme • defrauding investors • Salah Ezzedine

from our news partners