Jefferies gets new evidence of fake invoices at troubled fund, Bloomberg News reports

Aug 4 (Reuters) - Jefferies ‌has been ​told ​that some of the invoices underpinning its financing to an iron ‌ore trader called Sapphire Minmetals Corp are ⁠not genuine, Bloomberg News reported on Tuesday.

The discovery, which ‌came after Jefferies ‌checked the veracity of the invoices with Vitol Group, is a further blow to ​the U.S. bank and its Point Bonita fund, the report added, citing people ⁠familiar with the matter.

Jefferies, Vitol Group and Sapphire Minmetals did not ​immediately respond to Reuters requests for comment. Reuters could not independently verify ​the report.

Shares of the ‌bank were last down 1% in afternoon trading.

Point Bonita made headlines last ⁠year after Jefferies disclosed that the fund had millions of dollars in exposure to bankrupt ⁠auto-parts maker First Brands Group.

The episode put receivables finance ​under greater investor scrutiny, even though it is generally considered a low-risk form of lending because loans ‌are backed by invoices.

Jefferies has been checking the documents underpinning the Point ‌Bonita fund's financing to both Radiant World ⁠and Sapphire Minmetals ‌in recent weeks, ​the Bloomberg report said.

(Reporting by Manya Saini in Bengaluru; Editing by Shailesh ‌Kuber)

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