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Fallout From 'Philip Morris' Scam Involves Six Leasing Companies and $323 Million
THE BUZZ...1996: Nelco Ltd., a Richmond-based computer leasing company, filed for Chapter 11 federal bankruptcy protection in connection with a fraud involving a "secret" project that didn't exist.
Under the code name "Project Star", Worldwide Regional Exports, a thought-to-be wholly owned subsidiary of Philip Morris, borrowed as much as $323 million from domestic and foreign banks that were based on equipment leases.
The banks, evidently thinking that the end user credit was Philip Morris, extended credit on the basis of lease agreement assignments that were secured by computer equipment. It turned out the entire project was fictitious and was perpetrated by an individual who once was, in fact, a senior executive with Philip Morris.
The banks involved included: Signet Banking Corp., NationsBank of Charlotte, Corestates, Bank of Montreal, CreditstaldtBankverein of Vienna, Long Term Credit Baank of Japan, and Hitachi Credit America.
Previously featured on THE BUZZ…1996:
4/3/2006 - Finova Group Acquires Financing for Science & Industry and LINC Financial
4/3/2006 - DVI Announces Promotion of Miller & Garfinkel to EVP
4/3/2006 - Newcourt Obtains $1 Billion in Credit Facilities from Consortium of Banks
Tuesday, April 04, 2006
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