Billion Dollar Whale: The Man Who Fooled Wall... (PDF)

Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World - Free PDF Download - Tom wright,. Home Blog Login Register Home Forum Login Register BillionDollarWhale:TheManWhoFooledWallStreet,Hollywood,andtheWorld(PDF) Tomwright,BradleyHope 2018•345Pages•19.44MB•English PostedMarch14,2021•Submitted byistokes Report VisitPDFdownload Todownloadpage Convertto... ViewonAmazon FreeonPerlego PREVIEWPDF Embedcode Summary ofBillionDollarWhale:TheManWhoFooledWallStreet,Hollywood,andtheWorld Page1 Copyright Copyright©2018byTomWrightandBradleyHopeJacketdesignbyDarren Haggar Jacketcopyright©2018byHachetteBookGroup,Inc. HachetteBookGroupsupportstherighttofreeexpressionandthevalueof copyright.Thepurposeofcopyrightistoencouragewritersandartiststo producethecreativeworksthatenrichourculture. Thescanning,uploading,anddistributionofthisbookwithoutpermissionisa theftoftheauthor’sintellectualproperty.Ifyouwouldlikepermissiontouse materialfromthebook(otherthanforreviewpurposes),pleasecontact [email protected]Thankyouforyoursupportoftheauthor’srights. HachetteBooks HachetteBookGroup 1290AvenueoftheAmericas,NewYork,NY10104 hachettebooks.com twitter.com/hachettebooks FirstEdition:September2018 HachetteBooksisadivisionofHachetteBookGroup,Inc.TheHachetteBooks nameandlogoaretrademarksofHachetteBookGroup,Inc. Thepublisherisnotresponsibleforwebsites(ortheircontent)thatarenot ownedbythepublisher. TheHachetteSpeakersBureauprovidesawiderangeofauthorsforspeaking events.Tofindoutmore,gotowww.hachettespeakersbureau.comorcall(866) 376-6591. LibraryofCongressCataloging-in-PublicationDatahasbeenappliedfor. ISBNs:978-0-316-43650-2(hardcover),978-0-316-43648-9(ebook),978-0- ISBNs:978-0-316-43650-2(hardcover),978-0-316-43648-9(ebook),978-0- 316-45347-9(int’ltradepbk.),978-0-316-49067-2(Australianint’ltradepbk.) E3-20180809-JV-PC Contents Cover TitlePage Copyright Dedication Epigraph Authors’Note CastofCharacters Prologue PARTI THEINVENTIONOFJHOLOW Chapter1. FakePhotos Chapter2. AsianGreatGatsby Chapter3. WinTonsofMoney Chapter4. We’reGoingtoNeedaBiggerVan Chapter5. ANiceToy Chapter6. DoctorLeissner,IPresume Chapter7. Saudi“Royalty”(TheFirstHeist) Chapter8. HittingaGoldMine Chapter9. “IFeeltheEarthMove” PARTII OVERNIGHTBILLIONAIRE Chapter10.AnEveningwiththePlaymates Chapter11.RainingCristal Chapter12.HowtoSpendaBillion Chapter13.Where’sOurMoney? Chapter14.RollthePresses Chapter15.WelcometoNewYork Chapter16.Shitty,JunkProducts Chapter17.MyGoodFriend,Leo Chapter18.Two-Million-EuroBottleParade Chapter19.“KeepYourNonsensetoYourself” Chapter20.BelfortSmellsaScam Chapter21.BitterSeverance Chapter22.PenthousewithaView Chapter23.SwitzerlandoftheEast Chapter24.BrazenSky Chapter25.GoldmanandtheSheikh(TheSecondHeist) Chapter26.BilkingtheState PARTIII EMPIRE Chapter27.MakingBustaHisBitch Chapter28.AlltheWealthintheWorld Chapter29.MystiqueoftheOrient Chapter30.“681AmericanPies”(TheThirdHeist) Chapter31.ArtNoOneCanSee Chapter32.JewelersandBankers Chapter33.BonaFideBusiness Chapter34.140Gigabytes Chapter35.Leo’sWallStreetIndictment Chapter36.TheOvalOffice Chapter37.SizeMatters Chapter38.LosingControl PARTIV BONFIREOFSECRETS Chapter39.“NoCash.NoDeal.” Chapter40.GenerousJho Chapter41.SacksofMoney Chapter42.TheExposé Chapter43.ButtocksinaG-String Chapter44.StrongmanNajib PARTV THECAPTAIN’SRESOLVE Chapter45.ProsecutorinanOilDrum Chapter46.SpecialAgentBillMcMurry Chapter47.PartyingontheRun Chapter48.ChinaConnection Chapter49.GlassHalfFull Chapter50.White-CollarCrime Chapter51.KingKhademFalls Epilogue Photos Acknowledgments Newsletters ToMum,Nina,Julia,andLaurence—TW ToFarah,Joumana,andSufiyan—BH Stealalittleandtheythrowyouinjail Stealalotandtheymakeyouking. —BobDylan,“SweetheartLikeYou” Yougetsodeepintothingssometimesthattheabnormalseems normalandnormalseemslikeadistantmemory. —JordanBelfort Authors’Note In2015,webeganreportingonaMalaysiansovereignwealthfundafterrumors startedswirlingaboutitstoweringdebtsandshadowydealings.Itwasan intriguingstory.GoldmanSachshadmadeunfathomablylargeprofitshelping thefundraisemoney,andtheensuingscandaloverthefateofthecash threatenedtotoppleMalaysia’sprimeminister.Butthiswasnorun-of-the-mill corruptioncaseinyetanotherdevelopingcountry.Mediareports—andsources webeganspeakingto—suggestedthatJhoLow,alittle-known,twenty-seven- year-oldassociateoftheprimeminister,hadhimselftakenthemoney,possibly hundredsofmillions,ifnotbillions,ofdollars,andusedittobuildaHollywood productioncompany,commissiononeoftheworld’sgrandestyachts,andthrow wildlydecadentpartiesaroundtheglobe.Iftrue,theLowaffairwouldrepresent oneofthegreatestfinancialheistsinhistory. WhowasJhoLow?Andhowdidheemergefromobscuritytobecomethe allegedmastermindofamulti-billion-dollarscam—oneseeminglypulledoff underthenosesofthefinancialworld?WesetouttouncoverLow’strue identity,andwhatwefoundwasastonishing.Behindtheplainoutward appearanceandmildmannersofLowwasaserialfabulistwhofiguredouthow theworldreallyworks.Hewaseveryone’sfriend,butfewtrulyknewhim beyondhisreputationasoneofthegreatestspendersofmoneythejet-setting classhadseeninageneration.ItwasnotjustawildstoryinvolvingWallStreet bankers,celebrities,andasilver-tonguedconman.Low’sverysuccess,atits core,wasrootedinthefailuresofthetwenty-first-centuryglobaleconomy.His abilitytotakesomuch,foolingWallStreetbanks,auditors,andregulators;his successinusinguntoldwealthtobuyhiswayintofriendshipswiththeworld’s mostfamousactorsandmodels;andtheeasewithwhichhemadeeveryone believehebelonged.Inallofthis,Lowwastheproductofasocietypreoccupied withwealthandglamor. WerealizedtheamazinglifeofJhoLowwastooincredibletofitneatlyinto thepagesoftheWallStreetJournal.Bywritingabook,wehopedtoshowin detailhowLowdidit,butalsowhatdrovehim,andhowhegotawaywithitfor solong.Thatlargerportrait,aboutcapitalismandinequality,toldthroughthe lifeofLow,wouldbeofenduringvalue,weagreed. Thematerialinthesepagesistheresultofthreeyearsofresearch.We interviewedmorethanonehundredindividualsinmorethanadozencountries, fromthetinycityofWillemstadontheislandofCuraçaotoShanghaiinChina. Themajorityofpeoplenamedinthebookagreedtotalktouseitherdirectlyor throughlegalrepresentation,althoughasmallnumberdeclined.Manyofour sourcesinsistedonanonymityforfearofphysicalorlegalharm.Everyanecdote isbasedontherecollectionofmultiplesourcesandinsomecasesbackedupby photographs,videos,andotherdocumentation.Wehavereviewedtensof thousandsofdocuments,includingpubliccourtrecordsandconfidential investigativedocumentsandfinancialrecords,aswellashundredsofthousands ofemailsprovidedtoauthorities,duringthecourseofinvestigatingthecase.We alsoreliedontheofficialallegationscontainedintheJusticeDepartment’scivil asset-forfeiturecases,aswellascourtproceedingsinSingaporeandofficial reportsbySwissauthorities. AsofthiswritinginJuly2018,nopublicchargesofcriminalwrongdoing havebeenfiledagainstJhoLowormostofthemajorcharactersinthebook, withtheexceptionofformerMalaysianPrimeMinisterNajibRazak.Onlya handfulofbankersinSingaporehaveservedjailtime.Asweconcludeworkon thebook,theJusticeDepartmentisinthethroesofamassivecriminal investigationintoJhoLowandothersatthecenterofthecase.Authoritiesin Malaysia,Switzerland,andSingaporecontinuetoinvestigate. Alltheprincipalcharactersinthisbookhavedeniedcommittingcrimesand maintainedthetransactionswerelegal,buttheyhavedeclinedtoprovideany thoroughexplanationfortheirdealings.JhoLow,inparticular,emphasizesthat hehasneverbeenchargedwithanycriminalactivityinanyjurisdictionandthat therehavebeennofindingsoffactbyanycourtregardinganycriminal wrongdoing.Otherfiguresreaderswillgettoknow,includingPatrickMahony andTarekObaidofaSwissoilcompanycalledPetroSaudiInternational,and MalaysianPrimeMinisterNajibRazak,havemaintained,vialawyers,thatthey didnothingwrong.Anyerrorsareourown. CastofCharacters TheLowFamily LowTaekJho,“JhoLow” LowTaekSzen,“SzenLow,”hisolderbrotherLowMay-Lin,hisoldersister GohGaikEwe,hismother LowHockPeng,“LarryLow,”hisfatherJesselynnChuanTeikYing,JhoLow’s girlfriendLow’sAssociates JasmineLooAiSwan,legalcounselat1MalaysiaDevelopment,or1MDB,a MalaysianstateinvestmentfundCaseyTangKengChee,1MDB’sexecutive directorSeetLiLin,WhartonfriendandvicepresidentofJynwelCapital, Low’sHongKongfirmEricTan,“FatEric,”partyboyandLowassociate NikFaisalAriffKamil,1MDB’sinvestmentdirectorHamadAlWazzan, KuwaitifriendMalaysia NajibRazak,Malaysia’sprimeministerRosmahMansor,Najib’swifeRiza Aziz,Rosmah’ssonbyanearliermarriage;cofounderofRedGranite PicturesMahathirMohamad,formerprimeministerandNajibnemesis AnwarIbrahim,oppositionleaderGoldmanSachs TimothyLeissner,chairman,SoutheastAsiaAndreaVella,headofGoldman’s structuredfinancebusinessinAsia;latercoheadofinvestmentbanking,Asia LloydBlankfein,chiefexecutiveGaryCohn,president PetroSaudiInternational PrinceTurkiBinAbdullahAlSaud,cofounderTarekObaid,cofounderand chiefexecutiveofficerNawafObaid,Tarek’sbrotherPatrickMahony,chief investmentofficerXavierJusto,headofLondonofficeAbuDhabi KhademAlQubaisi,managingdirector,IPIC YousefAlOtaiba,UAEambassadortotheUnitedStatesMohamedBadawyAl Husseiny,chiefexecutive,AabarInvestmentsSheikhMohammedBinZayed AlNahyan,crownprinceofAbuDhabiSheikhMansourBinZayedAl Nahyan,brotherofSheikhMohammedandchairmanofIPIC KhaldoonKhalifaAlMubarak,chiefexecutiveofMubadalaDevelopmentBSI HanspeterBrunner,chiefexecutive,AsiaYakYewChee,chiefrelationship bankerforJhoLowand1MDB YeoJiawei,awealthmanagementbankerwholeavestoworkforJhoLow KevinSwampillai,headofwealthmanagementAmBank CheahTekKuang,chiefexecutiveJoannaYu,bankerhandlingPrimeMinister NajibRazak’saccountsFalconBank EduardoLeemann,chiefexecutiveHollywood/Entertainment JoeyMcFarland,friendofLow’s;cofounderofRedGranitePicturesParis Hilton,socialite LeonardoDiCaprio,actor JamieFoxx,actor,musicianKasseemDean,“SwizzBeatz,”husbandofAlicia Keys,musicproducerBustaRhymes,musician NoahTepperbergandJasonStrauss,ownersoftheStrategicHospitalityGroup nightclubempireMirandaKerr,model PrakazrelSamuelMichél,“Pras,”musicianKateUpton,model MartinScorsese,director ElvaHsiao,TaiwanesemusicianandsometimeLowgirlfriendNicole Scherzinger,musicianJournalists ClareRewcastle-Brown,founderofSarawakReport TongKooiOng,owneroftheEdge HoKayTat,publisheroftheEdge FederalBureauofInvestigationWilliam“Bill”McMurry,headof internationalcorruptionsquad,NewYorkRobertHeuchling,leadFBIagent onthe1MDBcaseJustinMcNair,FBIagentandforensicaccountantonthe case Prologue LasVegas,November3–4,2012 Around6p.m.onawarm,cloudlessNovembernight,PrasMichél,aformer memberoftheninetieship-hoptriotheFugees,approachedoneoftheChairman SuitesonthefifthfloorofthePalazzohotel.Prasknockedandthedooropened, revealingarotundman,dressedinablacktuxedo,whoflashedawarmsmile. Theman,glowingslightlywithperspiration,wasknowntohisfriendsasJho Low,andhespokeinthesoft-voicedliltcommontoMalaysians.“Here’smy boy,”Lowsaid,embracingtherapper. TheChairmanSuites,at$25,000pernight,werethemostopulentthe Palazzohadtooffer,withapoolterraceoverlookingtheStrip,andamodern whiteinterior,includingakaraokeroomwithwraparoundsofasandpadded walls.Butthehostdidn’tplantospendmuchtimeintheroomtonight;Lowhad amuchgrandercelebrationinstoreforhisthirty-firstbirthday.Thiswasjustthe prepartyforhisinnercircle,whohadjettedinfromacrosstheglobe.Guzzling champagne,theguests,aneclecticmixofcelebritiesandhangers-on,buzzed aroundLow,asmorepeoplearrived.SwizzBeatz,thehip-hopproducerand husbandofAliciaKeys,conversedanimatedlywithLow.Atonepoint, LeonardoDiCaprioarrivedalongsideBenicioDelTorototalktoLowabout somefilmideas. Whatdidtheguestsmakeoftheirhost?Tomanyatthegathering,Lowcuta mysteriousfigure.HailingfromMalaysia,asmallSoutheastAsiancountrythat manyWesternerswouldstruggletopinpointonamap,Low’sroundfacewas stillboyish,withglasses,redcheeks,andbarelyahintoffacialhair.His unremarkableappearancewasmatchedbyanawkwardnessandlackofeasein conversation,whichthebeautifulwomenaroundLowtooktobeshyness.Polite andcourteous,heneverseemedfullyinthemoment,oftencuttingshorta conversationtotakeacallononeofhishalfadozencellphones. ButdespiteLow’sunassumingappearance,wordwasthathewasloaded— maybeabillionaire.Guestsmurmuredtoeachotherthatjustmonthsearlier, Low’scompanyhadacquiredastakeinEMIMusicPublishing,andtherewas speculationthathewasthemoneybehindDiCaprio’slatestmovie,TheWolfof WallStreet,whichwasstillfilming.Low’sbashfulmannersbeliedahardcore ofambitionthelikeofwhichtheworldrarelysees.Lookmoreclosely,andLow wasnotsomuchtimidasquietlycalculating,asifcomputingeveryhuman interaction,sizingupwhathecouldprovideforsomeoneandwhatthey,inturn, coulddoforhim.Despitehisage,Lowhadaweirdgravitas,allowinghimto holdhisowninaroomofgrizzledWallStreetbankersorpamperedHollywood types.Foryears,he’dmethodicallycultivatedthewealthiestandmostpowerful peopleontheplanet.Theboldstrategyhadplacedhimintheirorbitandlanded himaseathereinthePalazzo.Now,hewastheonedolingoutfavors. ThenightatthePalazzomarkedtheapexofLow’sascendancy.Theguestlist forhisbirthdayincludedHollywoodstars,topbankersfromGoldmanSachs, andpowerfulfiguresfromtheMiddleEast.IntheaftermathoftheU.S.financial crisis,theyallwantedapieceofLow.PrasMichélhadlosthisplaceinthe limelightsincetheFugeesdisbanded,butwashopingtoreinventhimselfasa private-equityinvestor,andLowheldoutthepromiseoffunding.Some celebritieshadreceivedhundredsofthousandsofdollarsinappearancefees fromLowjusttoturnupathisevents,andtheywerekeentokeephimhappy. SwizzBeatzcalledforquietinthehotelsuite,beforepresentingexpensive DJequipment,emblazonedwithimagesofapanda,toLowasagift.Thegroup burstintolaughter.ThatwaswhatLow’sclosestfriendscalledhim—“Panda”— anodtohisplumpframeandcuddlydemeanor.He’dlovedKungFuPanda,and whengamblingwithhisclosefriendsfrombackhomethey’deachpretendtobe acharacterfromthefilm.ButeventhosestarslikePrasandSwizzBeatz,who hadreceivedmultiplemillionsofdollarsinappearancefeesandotherbusiness dealsfromLow,couldnotreallyclaimtoknowhisstory.Ifyouentered“Jho Low”intoGoogle,verylittlecameup.SomepeoplesaidhewasanAsianarms dealer.OthersclaimedhewasclosetotheprimeministerofMalaysia.Ormaybe heinheritedbillionsfromhisChinesegrandfather.Casinooperatorsand nightclubsrefertotheirhighestrollersas“whales,”andonethingwascertain aboutLow:HewasthemostextravagantwhalethatVegas,NewYork,andSt. Tropezhadseeninalongtime—maybeever. Afewhourslater,justafter9p.m.,Low’sguestsbeganthejourneytothe evening’smainevent.Toavoidthepaparazzi,theystrodethroughstaff-only areas,includingakitchen,beforeemergingintoaconcretetunnelleadingtothe hotel’sparkinggarage.Afleetofblacklimousinesstoodready,enginespurring. 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