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Entrepreneur faces $477M Civil Suit for Fraud - 11/05/2007

Entrepreneur Marisuz Rybak is facing the biggest blow to date to his entrepreneurial career after allegedly faking assets worth $800 million for Langbar International -- a London-listed venture specializing in acquiring small tech firms in hopes of turning them around. Before, joining Langbar International, Rybak the Polish-born environmental scientist, resigned as the CEO of Intelligent Detection Systems (IDS) in 2001. After IDS accountants caught the company inflating their earnings.

Rybak then began his two-year long reign as Langbar's CEO in 2003. During this time, Langbar bought no firms, yet Rybak sold millions of shares. After Rybak stepped down, Langbar's new managers found the company's paper assets, totaling $ 800 million, were fudged. Rybak, responded by saying he wasn't aware of any glitches in Langbar's assets. Forcing Langbar, in January 2006 to file a $477-million U.S. fraud civil suit against Rybak and other former insiders. The trial is set to begin on November 12, 2007.

Source: The Ottawa Citizen



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