At 81, high-frequency trading pioneer Ed Bosarge is in court battling ex-business partners, the founder of a stem cell clinic he took control of and the wife he dumped. She says he’s got billions stashed in a constantly changing array of offshore and South Dakota trusts.or more than a decade through 2015, Houston-based Quantlab was a money machine, generating more than $3 billion in cumulative profits from proprietary high-frequency trading that on some days accounted for 3% of NYSE volume.
Forbes estimates Ed Bosarge is worth at least $1 billion. But as he and his lawyers tell it, the couple’s community property assets total just $25 million since an array of trusts own not only his Quantlab stock, but also their homes in Houston, Aspen, London and Maine and the 72-acre island in the Bahamas where they docked their three yachts, including the eponymous 180-foot Marie, replete with a baby grand piano. After the divorce papers were served, one of the trusts even repossessed a $1.
The two newer and increasingly popular techniques are domestic asset protection trusts and “trust decanting.” DAPTs allow rich folks to put assets in a U.S. trust for their own benefit and then protect those assets from future creditors. Traditional trust law prevented someone from shielding assets in a trust, if they continued to control those assets and used them for their own benefit—and that’s still the case in a majority of states.
Marie says when she married Ed in 1989, he seemed to be broke. “I loved him for his mind truly,” she says. Her original wedding ring was a cubic zirconia and shortly after their marriage, their home in Houston was foreclosed on, Marie says. But in 1991, that same Capital Technologies bought an 8,600 square foot mansion on North Boulevard in Houston’s museum district, where Ed Bosarge still lives. The then-happy couple moved in and Quantlab was eventually born there.
“If you decant one trust into two or two into one, assets from one may get split up into three. Just depends on the needs.” With even Switzerland and Luxembourg now forced by an international crackdown on tax evasion by the rich to turn over records of some account holders, tiny South Dakota has become a nouveau international trust magnet, attracting more than $300 billion in assets.Courtesy Marie Bosarge
Marie Bosarge is essentially caught in a Catch-22: To have any hope of proving fraud in her Texas divorce case, she needs to know what’s in the South Dakota trusts. A judge in Harris County Family Court in June dismissed three of Marie’s claims, while allowing three others to go forward — including that Ed violated his fiduciary duty toward her. Trial is set for November, pandemic pending.
msg? me..
On the non bizarro world this is titled How to Get Your Ass Thrown in Prison.
How can I hide something I don't have
mukasiri With an increase in digital eyes, it’s becoming too difficult to even hide anything in your head. I heard of this man who hid money in his mother’s grave and when he came back a property developer had bought the land and erected multi-story buildings.
Shame on South Dakota for making laws that allow fraudsters to keep committing fraud. Delaware fits into that scenario somewhere too.
or with charitable foundations .. they donate to evade the tax authorities and pay less taxes .. they want to take the money accumulated in the grave ?
Here is the Scam, Softbank buying futures on no volume causing the market to open higher every day. Then cashing in on out of the money options. F..king crooks.
At 81, high-frequency trading pioneer Ed Bosarge is in court battling ex-business partners, the founder of a stem cell clinic he took control of and the wife he dumped, Marie Bosarge
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They always report these things with shock and awe; the reality is that most people in the same situation would probably do the same, or have those thoughts. This is nothing new.
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thanks needed this