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Vanguard Funds Files Fraud Lawsuit Against Salomon Smith Barney Over Enron
Vanguard accuses Salomon Smith Barney, Citibank (its parent) and an offshore subsidiary of selling its funds $70 million of worthless Enron bonds.
The suit alleges that Citibank created a scheme to disguise loans and debt financing that it had made to Enron. For the loans and debt financing Citibank and Salomon Smith Barney solicited funding from outside investors such as the Vanguard funds. The investments then were funneled to Enron through Citibank's offshore entity known as Delta Energy.
Source: Investment News, April 14, 2003
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