Changes

Bert Lance had approached Financial General on behalf of BCCI London with a bid for control of the bank. Lance was also was responsible for introducing BCCI founder Abedi to [[Jimmy Carter]], and for bringing [[Clark Clifford]] in on the take-over attempt. Ghaith Pharaon was another investor in the deal.

Bert Lance had approached Financial General on behalf of BCCI London with a bid for control of the bank. Lance was also was responsible for introducing BCCI founder Abedi to [[Jimmy Carter]], and for bringing [[Clark Clifford]] in on the take-over attempt. Ghaith Pharaon was another investor in the deal.

Also involved in the successful BCCI takeover were Clark Clifford (lawyer for BCCI), Robert Altman (attorney for Bert Lance and Clifford's partner), and Kamal Adham. Kamal Adham was the former head of [[Saudi Arabia]]n intelligence who was King Faisal's most trusted advisor, and whose half-sister was King Faisal's favorite wife. Kamal Adham and Ghaith Pharaon had built the Hyatt hotel in Riyadh, and Adham had originally introduced Pharaon to Abedi. Adham and Pharaon along with other partners owned KIFCO, the Kuwaiti International Finance Company.<ref>James Ring Adams & Douglas Frantz, A Full Service Bank: How BCCI Stole Billions Around the World, Pocket Books, 1992, p. 52</ref>

Also involved in the successful BCCI takeover were Clark Clifford (lawyer for BCCI), [[Robert A. Altman]] (attorney for Bert Lance and Clifford's partner), and Kamal Adham. Kamal Adham was the former head of [[Saudi Arabia]]n intelligence who was King Faisal's most trusted advisor, and whose half-sister was King Faisal's favorite wife. Kamal Adham and Ghaith Pharaon had built the Hyatt hotel in Riyadh, and Adham had originally introduced Pharaon to Abedi. Adham and Pharaon along with other partners owned KIFCO, the Kuwaiti International Finance Company.<ref>James Ring Adams & Douglas Frantz, A Full Service Bank: How BCCI Stole Billions Around the World, Pocket Books, 1992, p. 52</ref>

In a lawsuit filed March 18, 1978, the [[Securities and Exchange Commission]] charged Lance with violations of federal securities' law, and BCCI's application to purchase Financial General Bankshares was denied. Abedi then formed a new takeover vehicle, Credit and Commerce American Holdings (CCAH), based in the Netherlands Antilles. The largest investor in CCAH was Kamal Adham, who put up $13 million of his own money On October 19, 1978, CCAH filed for approval with the [[Federal Reserve]] to purchase Financial General. This application was dismissed on February 16, 1979, due to opposition from Financial General's Maryland subsidiary, but a new application was submitted later.

In a lawsuit filed March 18, 1978, the [[Securities and Exchange Commission]] charged Lance with violations of federal securities' law, and BCCI's application to purchase Financial General Bankshares was denied. Abedi then formed a new takeover vehicle, Credit and Commerce American Holdings (CCAH), based in the Netherlands Antilles. The largest investor in CCAH was Kamal Adham, who put up $13 million of his own money On October 19, 1978, CCAH filed for approval with the [[Federal Reserve]] to purchase Financial General. This application was dismissed on February 16, 1979, due to opposition from Financial General's Maryland subsidiary, but a new application was submitted later.