Ghaith Pharaon, Saudi businessman, Died at 76

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Ghaith Rashad Pharaon was born on September 8, 1940, and died on January 6, 2017.

He was a Saudi businessman.

Pharaon was at one time an investor in the Bank of Credit and Commerce International (BCCI), an international bank established by Pakistani financier Agha Hasan Abedi.

He was secretly acting on behalf of BCCI, he had acquired control of two American banks in violation of federal banking laws.

After the fraud was discovered, BCCI was forced to sell the banks, and soon after shut down by regulators when it was determined to be insolvent.

He was charged with wire fraud and racketeering conspiracy; although he eventually paid out substantial fines and a major settlement to the bank’s liquidators, the criminal charges were never resolved and American authorities are still seeking his extradition.

Ghaith Rashad Pharaon passed away at 76 years old.

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