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.
What did you expect? DMTCorporation
A good attorney can work miracles
The way trusts have become used make a mockery of their original purpose. They enable wealthy companies and people to their debts and taxes.
30 years of marriage is a lifetime. 🥶
He need to teach us his ways 😁
She lived a good life more than others. If she was smart she would have learnt something about his business success and replicated it.
_ItsMarisWorld_ U no children s
Good luck with that lol.
Wrong, so wrong.
Why does this photo remind me of Gilligan's Island?
🤬 He prolly thinks, she is just in it for the $$. Some $$ would be decent though. Nothing a good, expensive lawyer couldn't fix.
If only she had a real ID and digital wallet. What a sad story. This should not happen. We don't live in the 1920s anymore.
NotGeauxGabby Has the bimbo appeared yet? You know, the other woman that the husband actually wants? That train is never late.
As they say in Houston, “Divorce and Tornadoes are similar. One way or the other, Ya’ll will be out of the Trailer!”
Unless they have come up with a way to put his brain and soul into another body, the billions are not going to do him much good.
Why do men always do this to women? When you suffer with men when they are poor you are a good and understanding wife but when the riches comes you are an old washed wife and they are ready for younger babe to squash the wealth and leave you with nothing. Women time to wise up.
🥶
Taxes are complex. Fok
Cold
ประเทศไทย ข่าวล่าสุด, ประเทศไทย หัวข้อข่าว
Similar News:คุณยังสามารถอ่านข่าวที่คล้ายกันนี้ซึ่งเรารวบรวมจากแหล่งข่าวอื่น ๆ ได้
แหล่ง: Forbes - 🏆 394. / 53 อ่านเพิ่มเติม »
แหล่ง: Forbes - 🏆 394. / 53 อ่านเพิ่มเติม »