Bermuda firm accused of $130 m securities fraud
A Bermuda-registered company helped to perpetrate a $130 million investment fraud, according to the United States Securities & Exchange Commission.Ultimate Holdings Ltd. and the firm's alleged controllers, Adnan M. Khashoggi, 70, a Saudi Arabian national; and Ramy Y. El-Batrawi, 44, a resident of Los Angeles, California, are defendants in a civil lawsuit that was filed by the SEC at the U. S. District Court for the Central District of California on April 13, 2006. Other defendants are Wayne Breedon, 54, a Canadian national residing in Aurora, Ontario who was once head of the stock loan department of Deutsche Bank Securities Limited, in Toronto; Richard J. Evangelista, 71, a resident of Florida who once headed the stock loan department of Native Nations Securities Inc.; GenesisIntermedia Inc. (“GENI”), a now-defunct, Delaware-registered, publicly-traded telemarketing company operating from Van Nuys, California; and Douglas E. Jacobson, 59, a resident of Los Angeles, California, a Certified Public Accountant in Florida and GENI's chief financial officer and secretary.