The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
NEW YORK, June 28 (Reuters) - A former executive of collapsed Dubai private equity firm Abraaj Capital Ltd on Friday pleaded guilty to U.S. fraud and conspiracy charges, admitting that he lied to investors about the firm's financial health and track record.
Former Abraaj Managing Partner Mustafa Abdel-Wadood, 49, entered his plea before Magistrate Judge Gabriel Gorenstein in Manhattan. He has agreed to cooperate with U.S. prosecutors in a criminal fraud case targeting five other former Abraaj executives.
In a prepared statement read in court, Abdel-Wadood said he deceived investors at the direction of Abraaj founder Arif Naqvi, who is fighting extradition to the United States in London.
"I share responsibility for what happened," Abdel-Wadood said. "I regret my involvement more deeply than anyone can imagine."
"This is a tragic story of a good man who stayed at Abraaj to try to rectify the madness that Arif Naqvi created and along the way participated in the wrongful conduct that he has acknowledged today," Abdel-Wadood's lawyer, Paul Shechtman, said in a statement.
The office of the U.S. Attorney in Manhattan, which is prosecuting the case, declined to comment.
Abdel-Wadood was arrested in New York in April and released on bail, while Naqvi and another former managing partner were arrested in the UK. Three more former executives were charged earlier this month, but it was not clear whether they had been arrested.
Abraaj had been the largest buyout fund in the Middle East and North Africa until it collapsed in mid-2018 after investors, including the Bill & Melinda Gates Foundation, raised concerns about the management of its $1 billion healthcare fund.
In an indictment, U.S. prosecutors said that from about 2014 until Abraaj's collapse, Abraaj executives lied about the performance of the firm's funds, inflating their value by more than $500 million.
Prosecutors have said "at least hundreds of millions" of investor funds were misappropriated, either to disguise liquidity shortfalls or for the personal benefit of executives. (Reporting by Brendan Pierson in New York; Editing by Richard Chang)