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Market Chatter: Jefferies Informed of Fake Invoices Backing Sapphire Minmetals Financing

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Jefferies Financial Group (JEF) was told that some of the invoices backing its financing to Sapphire Minmetals are not genuine, Bloomberg reported Tuesday, citing people familiar with the matter.

The discovery came after Jefferies checked the authenticity of the invoices with Vitol Group and marks another setback for its Point Bonita fund, according to the report.

The report follows an earlier Bloomberg story that Jefferies found discrepancies in paperwork supporting its financing to iron ore trader Radiant World, although it believed the underlying trades were genuine.

Jefferies didn't immediately reply to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: $55.18, Change: $-0.52, Percent Change: -0.92%

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