Businessman Laurie Emini has appeared in a Melbourne court over his involvement in the collapse of stockbroking company Opes Prime in 2008.

 

ANZ Bank called in the receivers to Australian brokerage group Opes Prime on Friday after it found irregularities in its accounts and massive losses. ANZ Bank was owed A0 million by Opes Prime, but said it was backed by enough stocks in collateral so that once they were sold then it was unlikely to incur a material loss.Merrill Lynch was owed A0 million by Opes. This is the second collapse by a brokerage in Australia after Tricom earlier this year and will further unsettle markets, particularly as ANZ and Merrill move to dump the stock held as collateral on the markets. US Investment bank Lehman Bros has disclosed it has been hit by a US5 million fraud by two traders at Japanese trading house Marubeni Corp. Lehman said the fraud involved forged documents and an imposter. It is asking Marubeni to front up with the cash.
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