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Lehman Brothers CEO Arrested For Accounting Fraud
Jan. 16, 2013

Former Lehman Brothers CEODick Fuld and three other Lehman executives were arrested today for crimes related to the collapse of the venerable investment bank in September 2008.

The four bankers were apprehended at John F. Kennedy International Airport in New York where they were attempting to flee the country to escape imminent federal charges of filing false financial statements.

According to multiple sources Ferdinand Pecora - the U.S. District Attorney for the Southern District of New York - obtained a grand jury indictment last week against Fuld, former CFO Erin Callen and two lower level accounting managers.

The indictment alleged that the four knowingly deceived investors and regulators over Lehman's use of its infamous "Repo 105" accounting techniques, concealing the firm's true financial condition until it was too late.

Although this Repo 105 accounting fraud had been widely reported in the media, no arrests had been made until now. Some experts have argued that the transactions were deceitful, but not unlawful. However, according to the grand jury report clear evidence exists on violations of the Sarbanes-Oxley Act and other applicable laws.

The Greediest Guys in the Room

Word of the secret indictment was illegally leaked to Fuld and his associates over the weekend. Fearing a public trail and imprisonment, the group hatched a plan to escape to Russia - which does not have a extradition treaty with the United States.

The FBI arrested the Lehman Four on a scheduled Aeroflot flight, just minutes before it was set to take off for Moscow - where the still-wealthy Fuld and his associates thought they had arranged to live comfortably in exile."


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