By: Vickie J. Rubinson
If it sounds too good to be true it probably is, several actresses, football stars and politicians in Egypt found out after being swindled out of millions of dollars with promises of a 40% return on investment.
Businessman Nabil al-Bushi was sentenced in absentia to 15 years in prison today for swindling a star-studded list of more than 85 people out of more than $60 million. Bushi, however, has been held in Dubai since February pending trial on other fraud charges.
The swindler convinced investors to part with their cash by claiming to hold a senior position at the World Bank and to being a consultant on Egypt's investment policy for the next 20 years, earning him the nickname of "Egypt's Madoff."
Bushi, whose accomplice Fekri Badreddine was in court and was jailed for three years, promised returns of up to 40% on investments in the London and New York stock exchanges between 2002 and 2008.
Egypt has asked for him to be extradited but UAE athorities have said they will not hand him over before the matter has been settled.
If it sounds too good to be true it probably is, several actresses, football stars and politicians in Egypt found out after being swindled out of millions of dollars with promises of a 40% return on investment.
Businessman Nabil al-Bushi was sentenced in absentia to 15 years in prison today for swindling a star-studded list of more than 85 people out of more than $60 million. Bushi, however, has been held in Dubai since February pending trial on other fraud charges.
The swindler convinced investors to part with their cash by claiming to hold a senior position at the World Bank and to being a consultant on Egypt's investment policy for the next 20 years, earning him the nickname of "Egypt's Madoff."
Bushi, whose accomplice Fekri Badreddine was in court and was jailed for three years, promised returns of up to 40% on investments in the London and New York stock exchanges between 2002 and 2008.
Egypt has asked for him to be extradited but UAE athorities have said they will not hand him over before the matter has been settled.
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