Wednesday, September 09, 2009

Lebanese Banks Safe from Hizballah-linked Pyramid Scheme

Television broadcast featuring Ezzedine (courtesy of

That according to the country's Central Bank Governor, Riad Salameh, who declared that,

"The investigation is ongoing. It has nothing to do with the finance or banking industry. He had his own investors, and it's a private matter that's outside of the banking industry."

The 'he' referred to by the Governor is Salah Ezzedine, or "Lebanon's Madoff" as the media has come to refer to him. Ezzedine is also known as a businessman and financier with close ties to Iran's Lebanese proxy-militia, Hizballah. Check for the full story NOWLebanon.


  1. Anonymous9:40 AM

    This comment has been removed by a blog administrator.

  2. Anon (2:40)
    Free speech is a right that you obviously do not understand.
    Sadly you belong to those that
    do not deserve the privilege that such rights bestow on them. Remember that when you abuse these privileges then you in essence abuse the "common" and that has tragic consequences for all of us. I hope that you are satisfied know that you have proven to the whole world your deep level of immaturity, irresponsibility and ignorance.
    The Lebanese authorities have not released much yet about the scheme that was used by Mr. Ezzedine and how large are the losses. If the initial figure ;$1.4 billion;released by the media prove to be accurate then the damage to the fleeced clients of Mr. Ezzedine would be proportionally much larger to the Lebanese economy than that of Mr. Madoff in the US. Since the US economy is around 750 times larger than the Lebanese economy thenon a proportional bases the $1.4 billion estimated loss by the clients of Salah Ezzedine would translate into over a trillion dollar loss in the US.
    If these figures turn out to be accurate and if the losses were widely spread among a large number of Lebanese individuals and institutions then the extent of such a loss could affect substantially the level of economic activity in the country. No matter what the Central Bank says these figures cannot be ignored.

  3. Hassan Nasrallah said that he will compensate those who lost money at the hands of Ezzedine. How honorable!

  4. Anonymous3:04 PM

    Sure he'll pay them back with iran's money, remind me again, what's lebanese about these guys?

  5. Anonymous6:49 PM

    follow up:

    Shiite Businessman Salah Ezzedine was reportedly transferred from Roumieh prison to the headquarters of the Lebanese army intelligence after initial investigation showed that the financial losses from his investments were less than the amount of cash given to the financier.
    Pan-Arab daily al-Hayat on Monday quoted judicial and security sources as saying the army intelligence will now investigate the fate of the surplus money he had and money transfers and investments in several countries, including Algeria, China, Brazil and Morocco.

    According to the newspaper, Ezzedine is now making puzzling confessions about the amount of savings given to him by people, including from Qatari, Kuwaiti and Iraqi nationalities.

    Al-Hayat added that the financier made limited financial transactions via two Lebanese banks and the amount does not make up 2% of the savings entrusted with him.

    The sources said the army intelligence will investigate whether there was embezzlement or Ezzedine had huge financial losses as a result of bad investments in oil, gas and iron. A third possibility, according to the sources, is a security and financial "ambush" by foreign parties, a clear reference to Israel.

    Ezzedine has been charged with fraud and is being called the "Lebanese Bernie Madoff" in local newspapers. Bankers say it is the biggest fraud of its kind this country has ever seen.

    Hundreds of Lebanese sold land or drained their retirement savings and handed over hundreds of millions of dollars to Ezzedine whose investment company promised as much as 40 per cent in annual returns.

    Ezzedine and his partner, Youssef Faour, have been arrested on suspicion of cheating investors out of hundreds of millions of dollars - perhaps up to $1 billion, prosecutors say. Earlier this month, they were charged with fraudulent embezzlement, a crime punishable by 15 years in prison. Alleged victims included well-off Shiites but also smaller investors who sold land or pulled out savings to bundle the cash and give it to Ezzedine.

    The 47-year-old Ezzedine was well-known for his religious works and charity in the southern port city of Tyre and surrounding Shiite villages. He owns the Dar Al-Hadi Publishing House, one of Lebanon's most prominent producers of Shiite religious books.

    Among his charitable works was largely financing a giant mosque in the center of his hometown of Maaroub. A nearby municipal stadium was also financed by Ezzedine and was named "Stadium of the Resistance and Liberation Martyrs."

  6. Anonymous2:01 PM


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