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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Kuwait financier facing U.S. fraud suit found dead Sun Jul 26, 2009 9:50am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Rania El Gamal and Eman Goma KUWAIT (Reuters) - A brash Kuwaiti financier facing a fraud suit by U.S. authorities was found dead on Sunday in an apparent suicide that sent shockwaves through the Gulf Arab financial sector. A security source told Reuters that Hazem Al-Braikan appeared to have died from a single gunshot wound to the side of the head, while a policeman standing outside Braikan's house said the well-connected financier, 37, had shot himself. Braikan was the CEO of Al Raya Investment, which is 10 percent owned by Citigroup Inc, and had been at the center of a financial scandal that erupted last week. The U.S. Securities and Exchange Commission filed a lawsuit against him and two other finance firms last week, saying they had improperly earned millions of dollars from trades in two U.S. firms, Harman International Industries Inc and Textron Inc.. "It's very sad news. This crisis has seen a lot of people in the Gulf and across the world fall from grace, and each person is different in terms of their ability to handle pressure," said Mohammed Yasin, chief executive of Shuaa Securities, in Dubai. A policeman at Braikan's house in the Kuwait City district of al-Rawda told Reuters that Braikan's brother had called for help. An employee at Al Raya said Braikan had not come to work on Sunday, the start of the working week in the Gulf region. "We are shocked. Everybody is shocked," the employee said by telephone. "We called his brother, and he confirmed the news. "He was here at the office yesterday until 7 or 8 at night. I don't know why he decided to end it." 'IN THE HANDS OF LAWYERS' Reached by Reuters on July 25, the day before his death, Braikan declined to comment on the case. "I have nothing to say. It is in the hands of the lawyers now." Hours later, he issued a statement saying he had named a U.S. attorney to review case and defend him, declaring: "I would like to confirm on the soundness of my legal situation." In papers filed in Manhattan federal court last week, the SEC said Braikan and entities linked to him earned more than $5 million from well-timed trades in the two U.S. firms. Other defendants include United Gulf Bank and KIPCO Asset Management Co (KAMCO). Both are part of the Kuwait Projects Co (KIPCO) group. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Also on Reuters Ericsson wins auction for Nortel's wireless assets Blog: Ex-Facebookers could lose out on stock sale CIT courts creditors, plans large debt exchange More International News Clinton urges North Korea to return to talks U.S. tries to spur Middle East peace talks | Video Clinton says Iran's nuclear pursuit is "futile" Iraq's Kurdish opposition allege poll violations | Video Afghan vice-presidential candidate survives ambush More International News... Editor's Choice Slideshow A selection of our best photos from the past 24 hours. 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