Top five op risk loss events in April 2009
1. Loss amount: $125.7 million
Firm: Fortress Investment Group
BIS event type: Theft and fraud
BIS business line: Asset management
Fortress Investment Group lost $125.7 million as a result of fraud by Marc Dreier. From 2004 to 2008, Dreier and his New York City-based law firm sold approximately $700 million in fake property development and pension plan notes to hedge funds and other investors. A
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