Hazem Khalid al-Braikan, who ran Al Raya Investment found dead with a self-inflicted gunshot wound to his head

Hazem Khalid al-Braikan, who ran Al Raya Investment, was found dead just three days after the US Securities and Exchange Commission (SEC) accused him of making millions of dollars from trading on falsified takeover deals. The SEC last week froze more than $5m (£3m) of his assets in various trading accounts after claiming the money was earned on false news of a purported offer by a secretive Middle Eastern investment group to buy US audio equipment maker Harman International Industries, a rumour which saw Harman’s share to rise 40pc before the opening bell on July 20.
Mr Al-Braikan’s body was found in his home in an upmarket district of Kuwait City on Sunday. Although the cause of death has not been officially confirmed, Associated Press reported the trader was found in his bed with a self-inflicted gunshot wound to his head. The SEC investigation made headline news last week not just because of the companies whose shares had been allegedly manipulated, but also because banking conglomerate Citigroup owns a 10pc stake in Al Raya. Citigroup has declined to comment on the matter. In addition to Al Raya, the SEC’s investigation focused on KIPCO Asset Management of Kuwait and the United Gulf Bank in Bahrain, which Mr Al-Braikan had connections to. Both institutions have denied profiting from the trades, which they have said were made on behalf of clients. In its allegations, the SEC at no time named Mr Al-Braikan as the man allegedly responsible for initiating the stock market rumours, and has declined to say who they believe started them. However, the regulator takes a dim view of those who make profits from market manipulation, whether knowingly or not. According to local reports, Mr Al-Braikan was yesterday buried at Sulaibikhat Cemetery on the outskirts of Kuwait City. Staff at Al Raya were given the day off to attend.