Citibank Accused of Abetting National Events’ $70 Million Ponzi, warns Bloomberg Law

From Bloomberg Law:

The bankruptcy trustee liquidating the estate of Ponzi vehicle National Events Holdings sued Citibank, claiming that the banking giant helped the defunct ticket broker defraud its investors of about $70 million.

National Events’ fraud, masterminded by former CEO Jason Nissen, was carried out between 2015 and 2017, partly due to “critical” assistance from two of Citibank’s business relationship managers and other Citibank employees, National Events Chapter 7 trustee Kenneth Silverman said in a heavily redacted complaint filed Wednesday in New York state court.

The lawsuit, which seeks $100 million in damages, said Citibank was aware of Nissen’s investor fraud. But …

Continue reading Citibank Accused of Abetting National Events’ $70 Million Ponzi on Bloomberg Law

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