 When the fraud was discovered, BCCI was forced to sell the banks, and soon after shut down by regulators when it was determined to be insolvent.Pharaon was charged with wire fraud and racketeering conspiracy; although he eventually paid out substantial fines and a major settlement to the bank's liquidators, the criminal charges were never resolved and American authorities were seeking his extradition until he died in 2017.Ghaith Pharaon is the son of the former Saudi Ambassador to all Europe from 1948 until 1954.