BANKING

Grand Jury Targets Pharaon: Court papers revealed that a New York state grand jury in Manhattan is considering criminal charges against Ghaith Pharaon, the Saudi financier already accused of wrongdoing in the Bank of Credit & Commerce International scandal. The grand jury expects to decide whether or not to indict Pharaon by Jan. 23. The Federal Reserve is already seeking a $37-million civil penalty against Pharaon for allegedly disguising BCCI’s role in the purchase of Independence Bank in Encino and the National Bank of Georgia and with making a secret investment in the since-failed CenTrust Savings Bank of Miami.