The technique, called "Repo 105", was used to temporarily remove $50bn (£33bn) of assets from the US investment bank's balance sheet in 2008, according to a one-year investigation.

This gave the appearance that Lehman was in a stronger financial position than it really was.

The 2,200-page report by court-appointed examiner Anton Valukas said the bank had been insolvent for weeks before it filed for bankruptcy in September 2008.

The allegations are likely to give ammunition to shareholders suing Lehman.

Former chief executive Dick Fuld and chief financial officers Chris O'Meara, Erin Callan and Ian Lowitt could face claims for negligence or breach of fiduciary duty.

They failed to disclose the use of Repo 105, said Mr Valukas, chairman of law firm Jenner and Block.

Mr Fuld's lawyer said her client "did not know what those transactions were. He didn't structure them or negotiate them, nor was he aware of their accounting treatment."

Mr Valukas also suggested Lehman may be able to pursue claims against banks like JP Morgan and Citigroup.

They could have contributed to Lehman's slide into bankruptcy by taking $16bn (£10.6bn) in collateral out of the firm's coffers as it struggled to stay afloat, he said.

David Buik from BGC Partners said: "The demise of Lehman Brothers has sent the cat amongst the pigeons as the 'blame game' gathers momentum.

"Not only did the CEO, Dick Fuld come under severe criticism, but rather surprisingly so did some of the lending banks such as JP Morgan and Citigroup for being too draconian in terms of their lending and collateral conditions.

"For goodness sakes, banks are supposed to be vigilant and protect their shareholders' money."