Scheme Leveraged Astor Name, Left $450 Million Short
A Mexican billionaire, Ricardo Salinas Pliego, is reported to have lost around $450 million after engaging in a complex loan arrangement. The deal was predicated on the supposed connection of the lender to America's storied Astor family, a facade that apparently masked a fraudulent operation. The supposed entity, Astor Capital, presented itself with a veneer of legitimacy, complete with attractive loan terms and polished presentations, allegedly preying on historical prestige.
The core of the alleged fraud centers on Alexey Sklarov, operating under various aliases including Val Sklarov and Mark Simon Bentley. Sklarov, through sham companies, facilitated a loan to Salinas Pliego. Crucially, the deal involved pledged shares which Sklarov and his affiliates allegedly proceeded to sell.
Salinas Pliego, 69, has reportedly expressed deep personal embarrassment over the affair. The scheme unraveled when independent verification of the pledged shares' custody was requested. Following this, Astor Capital issued a default notice, citing multiple alleged violations, including the verification request and purportedly late interest payments.
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The alleged "dynasty" and the money flow
The entity involved, identified as Astor Capital, is not genuinely linked to the historical Astor lineage. Instead, it appears to be a front operated by individuals with a history of fraudulent activities. Sklarov, the central figure, allegedly used the loan agreement as a mechanism to gain control over Grupo Elektra shares. These shares were subsequently sold on the market.
Reports indicate that funds generated from these sales were allegedly used to acquire luxury properties globally. These acquisitions reportedly include a New York penthouse valued at $6.45 million, a Virginia mansion for $2.67 million, a French château for $6 million, and a villa in Greece.
A pattern of deception
This incident is not Sklarov's first encounter with legal scrutiny. He has allegedly been involved in past fraud cases. His business model, which he maintains is legitimate high-risk lending where borrowers understand their stock might be lent out, has faced challenges.
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"Sklarov maintains that the transactions were legal, alleging that Elektra’s share price fell due to internal issues and not manipulation."
While Sklarov continues to deny that his business practices constitute fraud, his asset disclosures remain under examination. Legal representatives for Sklarov in the UK have not responded to requests for comment.
Where is Sklarov now?
Current reports place Sklarov in Greece, reportedly living aboard a yacht named Enchantment, often using aliases. His past dealings are extensive, including previous frauds and a failed real estate venture after serving time for a significant Medicare scam in the 1990s.
Some irregularities in Elektra's trading activity were noted as early as 2021, but assurances from Astor Capital and their "professional façade" reportedly allayed suspicions at the time.
