Lehman Brothers' CEO 'sold' $14 million mansion to wife for $100 to hide assets

[DynamicHedge]

Lehman Brothers' Richard Fuld 'sold' mansion to wife for $100

The disgraced chief executive of Lehman Brothers transferred ownership of a $14 million Florida mansion to his wife for $100 in a possible attempt to move assets beyond the reach of infuriated investors of the collapsed bank...

The 3.3-acre property is one of five luxury homes owned by the Fulds, who spend most of their time at their eight-bedroom mansion in Greenwich, Connecticut.

http://business.timesonline.co.uk/t...ectors/banking_and_finance/article5594623.ece

and in other news:

Lehman chiefs destroyed $75bn of bank's value in hours

The bosses of Lehman Brothers destroyed as much as $75 billion (£51.3 billion) of the company's value by rushing the stricken investment bank into a surprise bankruptcy filing, an analysis by Lehman's liquidators has found.

 

[ipatent]

I hope that his wife now dumps him for her personal trainer.

 

[poyayan]

If this is legal, can't people using the same strategy to avoid estate tax?

 

[rolextrader]

Quote from poyayan:

If this is legal, can't people using the same strategy to avoid estate tax?

If he knows he going to get sued, then the transaction is illegal.