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Fake bank of america statements11/9/2023 ![]() ![]() ![]() The Parmalat saga has already led to changes to Italy's bankruptcy system. But that agreement unravelled last week as Parmalat's cash crisis prevented payment of $400m (£226m) to buy the investors out, after it ailed to bring the unit to the stock market. One US analyst went so far to describe the company's bonds as "junk bonds in drag" as far back as two to three years ago.īank of America also put together a deal under which a group of investors acquired an 18% stake in a Brazilian unit of Parmalat. Prosecutors told Reuters that a scanning machine had been used to forge the Bank of America documents, which were then sent to auditors who certified Bonlat's accounts.īank of America last week told the Securities and Exchange Commission, the US financial watchdog, that genuine documents authenticating the €3.9bn account did not exist.īank of America, along with Citigroup and Merrill Lynch worked closely with Parmalat in setting up so-called special purpose vehicles designed to hold assets of Parmalat, a company with a labyrinthine financial structure weighed down with €6bn in debt. ![]() The Parmalat scandal turned into a full-blown crisis last week, when Bank of America denied the authenticity of a document purporting to certify that €3.9bn of securities and cash were held in a Bank of America account in by Bonlat Financing Corporation, a Cayman Islands unit of Parmalat. ![]()
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