NEW YORK (Reuters) - A judge temporarily froze the assets of a Kuwaiti financier and two other Gulf firms accused of improperly making millions from trades in U.S. firms, and set a hearing for August 6, court documents showed on Monday.
The financier, Hazem Al-Braikan, was found dead on Sunday in an apparent suicide four days after the U.S. Securities and Exchange Commission filed civil charges. Braikan was the chief executive of Al Raya Investment, which is 10 percent owned by Citigroup Inc.
There was no reference in the papers filed in U.S. District Court in Manhattan to Braikan's death, but authorities can continue the case against his estate.
An order by Judge John Koeltl said the defendants or their attorneys shall appear on August 6 or as soon thereafter to make arguments on any extension of the asset freeze.
In court papers last Thursday, the SEC said Braikan and entities linked to him earned more than $5 million from well-timed trades in the two U.S. firms, Harman International Industries Inc and Textron Inc.
Other defendants include United Gulf Bank and KIPCO Asset Management Co (KAMCO). Both are part of the Kuwait Projects Co (KIPCO) group.
KIPCO is affiliated with senior members of Kuwait's ruling al-Sabah family and is the biggest investment firm by assets in Kuwait.
The case is SEC v. Al Braikan et al, 09-6533, U.S. District Court, Southern District of New York (Manhattan)
(Reporting by Grant McCool; Editing by Richard Chang)
