Latest news with #GrupoElektra
Time of India
3 hours ago
- Business
- Time of India
$5.5 billion wiped in one day: How a Mexican billionaire lost billions in online scam fooled by an 'illustrious family name'
"I feel like an Idiot," told Ricardo Salinas Pliego , a Mexican billionaire and owner of Grupo Salinas, to Wall Street Journal. The owner of the telecommunications conglomerate Grupo Salinas lost nearly a quarter of his $16 billion fortune in a sophisticated "loan-to-own" scam orchestrated by con artists posing as descendants of John Jacob Astor, the German-born fur trader who was America's richest man when he died in 1848, according to The Wall Street Journal. Astor's family, known for dominating Gilded-Age society and inspiring the Waldorf Astoria hotels, was falsely linked to the fraudulent Astor Capital Fund . How the scam started In 2021, Salinas Pliego sought to finance a Bitcoin investment by borrowing $400 million against his shares in Grupo Elektra, a retail and banking empire founded by his father in 1950. He connected with Astor Capital Fund through a Swiss financial adviser, believing it was a prestigious firm tied to the Astor legacy. The company, led by a man claiming to be 'Thomas Astor Mellon,' offered a 1.15% interest loan and presented polished materials, including a website with a lion seal and a promotional video showcasing branded offices. 'Thomas Astor Mellon' was actually Alexey Skachkov, a Ukrainian with a criminal record However, the operation was a facade. 'Thomas Astor Mellon' was Alexey Skachkov , a Georgian resident with a criminal record for prescription forgery and jewelry theft, while the mastermind, Ukrainian-born American Vladimir Sklarov , posed as 'Gregory Mitchell.' Sklarov, who also used aliases like 'Mark Simon Bentley,' had a history of fraud, including a 1990s $18 million Medicare scam. The Journal reports that Sklarov's group sold off Salinas Pliego's $400 million in Grupo Elektra shares , triggering a 71% stock plunge in July 2024, erasing $5.5 billion from his wealth and $4 billion from Elektra's market value. 'I feel like an absolute idiot. How could I fall for this?' Salinas Pliego, 69, told the Journal. The scheme funneled funds into luxury real estate, including a $6.45 million New York penthouse, a $2.67 million Virginia mansion, a $6 million French château, and Greek villas, according to property records cited by Currency. Warning signs emerged in 2021 when Salinas Pliego's team noticed unusual trading in Elektra shares, but assurances from Astor Capital, including visits to seemingly legitimate New York offices, delayed action. When Salinas Pliego attempted to prepay the loan in July 2024, Astor Capital issued a default notice, citing violations like a verification request and a Mexican government probe into his companies. Salinas Pliego is not the only victim The Journal notes that Salinas Pliego was one of many victims in a broader operation, with Sklarov allegedly controlling $750 million in stock from borrowers across the U.S., U.K., and Asia, using names like Cornelius Vanderbilt Capital Management. The fraud exploited securities-based lending, a $4.3 trillion market, per Deloitte, where lax regulation allows predatory schemes. Salinas Pliego's legal team has frozen $400 million in a London court and is tracing funds, some of which moved through Sklarov's New York attorney to offshore accounts. Sklarov, now living in Greece with a yacht named 'Enchantment,' denies wrongdoing, claiming borrowers knew their stock could be lent to third parties, per the Journal.
New York Post
a day ago
- Business
- New York Post
Fraudsters scammed Mexican billionaire out of $400M by claiming they were descendants of Astor family: ‘I feel like an absolute idiot'
A Mexican billionaire was tricked into lending $400 million to a group of con artists — one of whom passed himself off as a descendant of the 19th century fur trader John Jacob Astor. Ricardo Salinas Pliego, the owner of the telecommunications conglomerate Grupo Salinas, told the Wall Street Journal that he thought he had found the perfect lending partner when he needed to finance a large Bitcoin investment in 2021. Instead, he was duped into a 'loan-to-own' scheme that wiped out out nearly a quarter of his net worth. Advertisement 7 A Ukrainian-born fraudster, Val Sklarov, duped a Mexican billionaire out of $400 million. 'I feel like an absolute idiot. How could I fall for this?' Salinas Pliego, 69, told the Journal. Salinas Pliego, whose net worth approached $16 billion at the peak of his wealth, had pledged shares in his company, Grupo Elektra, as collateral in the fraudulent loan scheme. Grupo Electro shares plunged 71% in a single day in July 2024 after investor confidence was rattled by news that his company fell victim to fraud. Advertisement The collapse wiped $5.5 billion from his fortune, part of a broader $4 billion drop in Elektra's market value triggered by the systematic sale of his shares under the 'loan-to-own' arrangement allegedly orchestrated by Ukrainian-born American fraudster Vladimir Sklarov. Salinas Pliego's journey into this financial nightmare began when he sought to expand his cryptocurrency holdings by borrowing $400 million against his stake in Grupo Elektra, the retail and banking empire his father established in 1950. Through a Swiss financial adviser, he connected with Astor Capital Fund, which claimed prestigious lineage to the legendary New York family that once produced America's richest man. Advertisement 7 Ricardo Salinas Pliego, who was once worth as much as $16 billion, lost a quarter of his wealth as a result of the scam. AP Salinas Pliego's stock collateral worth over $400 million had vanished, sold off by Sklarov, who had masqueraded as 'Gregory Mitchell' while his accomplice posed as an Astor family descendant, according to the Journal. Property records indicate that as part of the alleged scheme, Sklarov's lawyer and longtime associate appears to have covertly funneled Salinas's money into a series of high-end real estate purchases across the United States and Europe. The acquisitions included a $6.45 million penthouse in New York overlooking Central Park, a $2.67 million mansion in Virginia purchased under the lawyer's name and a $6 million château in France registered to Sklarov's wife, according to the news site Currency. Advertisement 7 An accomplice to the fraud passed himself off as a descendant of robber baron John Jacob Astor. © Bettmann/CORBIS The portfolio was rounded out by two villas located in the affluent Greek suburbs of Marousi and Ekali. The operation appeared legitimate from every angle. During video conferences, a man identifying himself as Thomas Astor Mellon joined calls from a yacht, speaking with an authentic American accent and presenting himself as both the company's chief executive and a descendant of the famous Astor lineage. The firm's materials referenced the illustrious history of German-born fur trader John Jacob Astor, who died in 1848 as America's wealthiest individual and whose family dominated Gilded Age society. Astor Capital's professional presentation included attractive loan terms at just 1.15% interest and documentation bearing the official seal of a regal lion. The company even maintained a polished website featuring a promotional video showing professionals entering branded offices, complete with imagery of a lion statue and narration about building on principles established by John Jacob Astor's financial empire. 7 Sklarov, who served time in prison in the US, orchestrated a 'loan-to-own' scheme. The reality behind this facade proved far more sinister. Investigators later revealed that 'Thomas Astor Mellon' was actually Alexey Skachkov, a resident of the former Soviet republic of Georgia with a criminal history including prescription forgery and jewelry theft. Advertisement The primary architect of the scheme, however, was Sklarov, a Ukrainian-born fraudster who had operated under numerous aliases including 'Mark Simon Bentley' in addition to his Mitchell persona. Sklarov's criminal background stretched back decades, including prison time for masterminding an $18 million Medicare fraud in the 1990s involving companies billing for uncovered surgical dressings. After serving his sentence, he had built a substantial Midwest real estate portfolio that eventually collapsed amid litigation and loan defaults, leading to his divorce and a desperate advertisement in Crain's Detroit Business seeking new opportunities. The fraudster had reinvented himself multiple times, legally changing his name from Vladimir to Val in 2006 to avoid what he claimed was discrimination, and later adopting the Bentley moniker because he 'liked the automobile.' Advertisement Court records show he established operations across multiple jurisdictions, creating same-name companies in various countries and requiring dispute arbitration in obscure financial centers like Jamaica and Nevis. Warning signals emerged gradually. Salinas Pliego's financial lieutenant, Eduardo González Salceda Sánchez, first noticed unusual trading activity in Elektra shares during fall 2021, suspicious because the stock typically experienced minimal trading volume. 7 The alleged scheme involved setting up a fake office and a web site for 'Astor Asset Management.' Despite these concerns, the billionaire's team maintained faith in their lending partner, particularly after visiting what appeared to be legitimate Astor offices in New York City, complete with branded materials and a professional receptionist. Advertisement The scheme's collapse accelerated when Salceda Sánchez requested independent verification that the pledged shares remained in Salinas Pliego's custody account. Rather than providing proof, Astor Capital claimed the inquiry constituted forbidden interference and asserted unrestricted rights over the collateral. When the London broker involved in arranging the deal questioned whether Astor was short-selling the stock, 'Mitchell' responded dismissively that borrowing shares represented normal market operations, according to the Journal. Salinas Pliego's attempt to prepay the loan in July 2024 triggered the final phase of the fraud. Advertisement Three weeks later, Astor Capital issued a default notice citing eleven violations, including the verification request, allegedly late interest payments and a Mexican government investigation into some of Salinas Pliego's companies. Legal filings cited by the Journal reveal that Salinas Pliego represented just one victim in a much larger operation. 7 American millionaire businessman and lieutenant colonel in the Spanish-American War, John Jacob Astor IV (1864 – 1912), circa 1898. Getty Images Sklarov allegedly controlled approximately three-quarters of a billion dollars worth of stock from multiple borrowers across the United States, United Kingdom and Asia over several years. His victims included other wealthy executives who fell for similar schemes involving companies with prestigious names like Cornelius Vanderbilt Capital Management, Shearson Lehman and Bentley Rothschild. The fraud exploited a legitimate but loosely regulated corner of finance known as securities-based lending, where wealthy individuals can access cash without selling their stock holdings. While major Swiss and American banks dominate this market, estimated by Deloitte at $4.3 trillion globally, opportunities exist for less scrupulous operators to exploit borrowers seeking alternative funding sources. 7 Sklarov's lawyer and longtime associate appears to have covertly funneled Salinas's money into a series of high-end real estate purchases across the United States and Europe. Derry, Tessa Salinas Pliego's legal team has launched an aggressive recovery campaign, obtaining a court order freezing $400 million in London commercial court and applying for access to US bank records to trace proceeds from the share sales. Their investigation uncovered the complex money flows underlying the scheme, including nearly $300 million moving through accounts controlled by Sklarov's New York attorney before returning to offshore entities. The fraudster, now living in Greece with his family and reportedly owning multiple properties plus a yacht recently renamed 'Enchantment,' continues to deny wrongdoing. In his defense, Sklarov told the Journal that he operates in the high-risk lending market and maintains that borrowers understood their stock could be lent to other parties. He argues that Astor Capital only promised not to sell shares directly on public exchanges, leaving room for transfers to third parties who might then execute sales. Despite his vast wealth, Salinas Pliego expressed genuine embarrassment about falling victim to the scheme. 'On the one hand it makes me look like an absolute idiot,' Salinas Pliego told the Journal when asked about his his legal campaign to claw back the money. 'On the other hand I feel like something needs to be done.'
Times
18-05-2025
- Business
- Times
Astor family name ‘used to dupe businessman in $416m loan scam'
The name of the Astor family, whose scions include the proprietor of The Times between 1922 and 1966, resonates with wealth, influence and impeccable establishment credentials. That very reputation appears to have been used by an alleged fraudster to deprive a Mexican billionaire of more than $416 million in shares, according to extraordinary allegations made in courts in Britain and Monaco. The case stems from when a business called Astor Asset Management 3 offered to lend Ricardo Salinas $113.8 million. The tycoon, who believed the company was 'owned by the wealthy Astor family', agreed to offer up $416.3 million in shares of his company Grupo Elektra as collateral. Salinas's executives were told they would be discussing the deal with Thomas Mellon, who was described in
Yahoo
07-05-2025
- Business
- Yahoo
Billionaire abandons gold for ‘hard asset'
Mexican billionaire Ricardo Salinas has doubled down on his Bitcoin belief, now making up 70% of his portfolio. In a recent interview with Bloomberg, the Mexico-born billionaire stated he currently does not own any bonds or foreign stocks—just Bitcoin, gold, and equity in his firms. 'I don't have a single bond, and I don't have any other stocks except my own,' said Salinas. Salinas, who is worth $5.1 billion as per Forbes, encouraged long-term thinking regarding a 'hard asset' like Bitcoin. The billionaire explained, 'You have to think 10 years and buy everything as you can. It's not going to go anywhere except up.' Bitcoin's capped total supply of 21 million coins — 20 million already mined out — was the chief reason for Bitcoin's greater appeal than gold, he said. 'Gold gets inflated about 3% a year… Bitcoin doesn't.' Speaking publicly since the stock price of Grupo Elektra collapsed by 70% and a legal standoff with Mexican tax authorities, Salinas appeared to be confident, , as per Bitcoin Magazine. He said he intends to take Elektra private and stated his businesses are solid despite political headwinds: "Now I'm free to do my thing." Salinas called Bitcoin "the hardest asset in the world," using dollar-cost averaging as the best approach. He added, 'Buy so much per month… that will take the uncertainty away.' Salinas' strategy firmly puts him among the world's most high-profile champions of corporate Bitcoin—betting both his fortune and his reputation on the belief in Bitcoin's survival and thriving over the next ten years. In 2021, Salinas publicly supported Bitcoin, calling fiat currency a 'fraud'. At press time, Bitcoin is trading at $93,760.32, down by 0.29% over the last day, as per Kraken's price feed.
Forbes
01-04-2025
- Business
- Forbes
The 10 Richest People In Latin America 2025
There are a record-breaking 3,028 billionaires around the world, but only 95 hail from Latin America, down from 110 a year ago. This group of entrepreneurs, investors and heirs are worth a combined $484.3 billion, $46 billion less than in 2024. Brazil, which has the highest number of billionaires in the region, contributed largely to the decline, as the country faces economic headwinds and wrestles to combat inflation. Of the region's 18 drop-offs, 15 were from Brazil, most notably including 'Soybean King' Blairo Maggi, controlling shareholder of soybean producer Amaggi, and João Alves de Queiroz Filho, founder of Hypera Pharma. The country did manage to add two new faces this year, however, in Anheuser-Busch InBev heir Max Van Hoegaerden Herrmann Telles (estimated net worth: $5.8 billion) and renewable energies entrepreneur Mário Araripe ($3 billion). While Brazil lost the most billionaires in Latin America over the past year, Mexican billionaires lost the most money. A weakened peso—down 20% against the U.S. dollar—and a barrage of tariffs from U.S. President Donald Trump have helped push the combined wealth of Mexico's richest people down by $36.9 billion, to an aggregate $167.1 billion. No one in the region lost more than Carlos Slim Helú ($82.5 billion), who shed $19.5 billion of his net worth, as shares of his telecommunications company América Móvil and his conglomerate Grupo Carso fell by 20% and 15%, respectively, amid exchange rate fluctuations; he dropped from No. 14 to No. 19 worldwide. Ricardo Salinas Pliego ($4.9 billion), who ranked last year as the seventh richest individual in the region and the third richest in Mexico, lost $8.5 billion as shares of his conglomerate Grupo Elektra plummeted 70% amid trading suspensions stemming from fraud allegations and debt disputes between Salinas' companies and the Mexican government. To mitigate the drop in value, Grupo Elektra's board decided to take the company private in late 2024; the transition is expected to be completed by May. Meanwhile, siblings Juan Domingo ($1.9 billion) and Karen Beckmann Legorreta ($1.3 billion), lost $2.7 billion and $1.9 billion, respectively, as shares of Becle, the company behind the Jose Cuervo tequila brand, fell to a record low on March 4th, when tariffs for imports from Mexico, Canada and China went into effect. They were suspended two days later, but the stock has yet to rebound. Outside of Mexico and Brazil, things weren't as grim. Strong performance from financial institutions brought an Argentinian banker (Delfín Jorge Ezequiel Carballo, $1.2 billion) and a Chilean banker (Luis Enrique Yarur Rey, $1.3 billion) back into the ranking, and upped the fortune of Venezuela's richest person, Juan Carlos Escotet ($7.4 billion), by 68%. Another returnee is Eduardo Hochschild ($2.4 billion), chairman of the Peru-based family business Hochschild Group. The only Peruvian citizen on the list, he returns after an uptick in the group's mining company stock price thanks to a return to profitability in 2024 and some hefty dividend payouts. Two notable Latin American billionaires died this year. Gregorio Pérez Companc, who transformed Grupo Perez Companc into one of Argentina's largest conglomerates, died in June 2024. The tycoon had planned his succession in 2009 when he gave six of his children equal shares in the conglomerate's holding company. This year, three of the siblings bought out the rest. Luis, Rosario and Pilar Perez Companc are now the majority owners but none were individual billionaires when we finalized the list. And Chilean Horst Paulmann passed away in March. Paulmann founded retail giant Cencosud from a single supermarket in central Chile in 1963. When he died, the company had a presence in five countries in Latin America and brought in $17.5 billion in annual revenue. In 2022, he and his five siblings inherited their late father's stake in Grupo BAL, a Mexican conglomerate that spans mining, retail and financial services. In June, Carlos Slim Helú's Grupo Carso completed the acquisition of PetroBal Upstream, the group's oil arm, for some $530 million. AFP via Getty Images Now Mexico's third-richest person, Aramburuzabala inherited her father's stake in beer producer Grupo Modelo following his 1995 death from lung cancer. Her fortune includes her sister's and mom's shares in Tresalia Capital, the family's investment vehicle, which has backed companies like Tory Burch and Casper Sleep. Aramburuzabala's net worth is up by $2.7 billion this year after Forbes dug into the value of Tresalia's real estate portfolio. Gabriel Rinaldi for Forbes In August, Velez sold 31 million shares of Nu Holdings, worth $404 million. The cofounder and CEO, who still owns 20% of the company's stock, has big plans for Latin America's largest fintech company. In January, he discussed plans to expand Nubank's operations beyond the region, including a potential entry into the United States. The Colombian banker, who ties Velez for the title of the country's richest person, built his fortune through a series of bold banking acquisitions and successful exits across Latin America. His latest deals: London-based Metro Bank, of which he became majority shareholder in 2023 and Colombian food processing conglomerate Grupo Nutresa. Gilinski, who had been increasing his stake in Grupo Nutresa since 2021, bought an additional 12% last year alongside his partner, Abu Dhabi-based International Holding Company. Getty Images Lemann cofounded private equity firm 3G Capital with fellow billionaires Carlos 'Beto' Sicupira and Marcel Herrmann Telles in 2004, making highly lucrative and long-hold investments into food and beverage companies like Anheuser-Busch, H.J. Heinz & Company and Burger King. In recent years, the firm has ventured into other industries, including a 75% stake in Dutch window blinds maker Hunter Douglas. The inheritance saga plaguing the widow and children of Joseph Safra, once the richest banker in the world, has come to an end. "I am happy to put that matter behind. After clarifications, I understood that there were no wrongdoings, and that Mr. Safra's estate was properly disposed in accordance to his wishes,' son Alberto said in a joint statement with the family released in July. Alberto had previously sued his mother and siblings, claiming his stake in Safra National Bank of New York had been diluted after his father's passing. The widow of Andrónico Luksic (d. 2005) and his children are reportedly seeking nearly $230 million from Banco Santander and PwC related to losses from Banco Popular's near-bankruptcy in 2017. Through Aeris Invest, the family had put around $125 million into Banco Popular shortly before Santander acquired it for just one euro after it was declared failing by the European Central Bank. Larrea built his fortune by expanding Grupo Mexico into a conglomerate with interests in transportation and infrastructure. The mining mogul, who took over as president and CEO in 1994, is one of only three Mexicans whose fortunes are up this year as the conglomerate's revenue rose by nearly 13%, to $16.2 billion. Grupo Mexico's mining division reported record revenues thanks to higher copper production and strong market conditions. Bryan van der Beek for Forbes The Facebook cofounder continues to reap the benefits of his Meta stake. Saverin's wealth has increased by $6.5 billion as Meta's stock continues to surge. Saverin, who resides in Singapore, topped Forbes' Singapore's 50 Richest list in September. Three months later, he and his wife donated $15 million to the Singapore American School. Martin Schoeller for Forbes Although he's still among the world's top 20 richest people, Slim's drop to No. 19 overall marks the lowest he's ranked since 2003. While shares of his biggest companies, América Móvil and Grupo Carso, were down over the past year, the telecommunications magnate has poured $1 billion into U.S. oil companies Talos Energy and PBF Energy.
