Fugitive Alert on the Riviera

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August 10, 2006 8:02 AM

The FBI has put out an all points bulletin for a wealthy fugitive, who has managed to elude U.S. authorities for almost 15 years, traveling on his yacht along the Riviera and around the Mediterranean Sea.

Gaith Rashad Pharaon, a Saudi citizen who once lived in a mansion in Georgia and traveled in elite social and political circles in the U.S., is being sought for his role in one of the largest commercial frauds and bank failures in U.S. history.

Pharaon faces charges of fraud, conspiracy and racketeering in connection with the fall of the Bank of Credit and Commerce International, BCCI, in the early 1990s.

The FBI says Pharaon owns the yacht "Le Pharaon" with a picture of the Egyptian Sphinx painted on the stern.

The yacht was spotted at the beginning of the summer docked at the tiny Italian island of Pantelleria off Sicily. Police raided the vessel at the request of the FBI, but Pharaon was not located, and the yacht was released. Italian police said the yacht's captain reported he was heading to Algeria.

The FBI describes Pharaon as extremely wealthy with "numerous contacts within governments around the world."

His son competes in international speedboat races, according to the FBI, and there is a possibility "that he occasionally watches those races."

Pharaon, 66 years old, is "of stocky build with thinning black hair, graying at the temples."  The FBI says he speaks Arabic, French, English and some Greek and smokes cigars.