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Jefferies Financial Group’s chief executive has told investors the bank believes it was defrauded by bankrupt automotive supplier First Brands Group. The allegations come as Jefferies deals with significant exposure through its Point Bonita Capital fund and faces scrutiny over its leveraged finance activities with the company.
Jefferies Financial Group CEO Rich Handler has reportedly told investors that the investment bank believes it was “defrauded” by First Brands Group, according to recent investor day comments. The automotive parts supplier’s bankruptcy has created significant exposure for Jefferies through its Point Bonita Capital investment unit, with sources indicating approximately $715 million in linked exposure.
Smartmatic has been added to a federal indictment alleging company executives participated in a bribery scheme targeting Philippine election officials. The voting technology company faces charges of violating the Foreign Corrupt Practices Act and money laundering violations. Smartmatic’s spokesman categorically denied the allegations, claiming political influence in the case.
Federal prosecutors have expanded their case against Smartmatic executives by adding the company itself to an indictment alleging bribery of Philippine election officials, according to reports filed in U.S. District Court. The superseding indictment, filed in the Southern District of Florida, adds criminal charges of money laundering and foreign bribery against the voting technology company directly.
