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Why Would a Banker Sell his $14m House to his Wife for $100?

Why Would a Banker Sell his $14m House to his Wife for $100?

Previous Lehman employer accused of attempting to cover assets from creditors

Dick Fuld, the CEO that is former of bankrupt Lehman Brothers (GETTY)

NYC – Dick Fuld took house therefore much profit many years before their firm spiralled into bankruptcy which he could not also determine exactly how much. The good news is, the former Lehman Brothers employer is counting every penny and, at the centre of a financial mystery as he prepares for an onslaught of lawsuits against him, he finds himself.

Into the months after Lehman collapsed around him, triggering the worst monetary panic considering that the Great Depression and causing him an individual $1bn (?718m) loss on their stake within the company, Mr Fuld transferred ownership of the $14m mansion in Florida to their wife, Kathleen. She paid simply $100, the minimum permitted by Florida law.

The five-bedroom property, nestled on 3.3 acres of beachfront at gorgeous Jupiter Island, north associated with the well-to-do playground of Palm Beach, is their „seasonal getaway“ and another of five domiciles the few very very very own.

As information on the transfer emerged yesterday, Wall Streeters and solicitors speculated that the couple might be attempting to shield as much of the assets as you possibly can from legal actions, including bankruptcy procedures.

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