Home FeatureThe Mediterranean Madoff

The Mediterranean Madoff

by Executive Staff

The quiet Southern Lebanese village of Maaroub has recently found itself at the center of attention following the recent arrest and indictment of its deputy-mayor and a prominent businessman hailing from the Shiite town. Forty-nine-year-old business-mogul Salah Ezzedine, known by many for his piety and closeness to Hezbollah, is bankrupt and stands accused along with his alleged partner, Maaroub Deputy-Mayor Youssef Faour, of running a giant Ponzi scheme similar to that of American financier Bernard Madoff, who earlier this year was sentenced to 150 years in jail. As a result, the Lebanese press has dubbed Ezzedine “Lebanon’s Madoff.” A Ponzi scheme is a fraudulent investment operation that promises investors high rates of return over a short period of time. The investments are then used to pay the return instead of actually being invested. Exactly how much money invested with Ezzedine has gone missing remains a mystery. Some media reports estimate

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