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A group of Wall Street titans claims they were cheated out of millions of dollars by a New York business consultant who allegedly ran a ‘Ponzi-like scheme’ involving expensive wine.
Omar Khan, the founder of a large business consultancy firm based in Manhattan, is being sued in New York State Supreme Court by wealthy financiers who say he bilked them out of large sums of money to invest in a wine-lovers society.
Plaintiffs - Hedge - Fund - Researcher - Kresimir
The plaintiffs, which include hedge fund researcher Kresimir Penavic and Sanford C. Bernstein CEO Robert Van Brugge, are seeking $8.3million, plus interest, in damages, according to the New York Post.
Penavic, who was a research scientist at Renaissance Capital, is alleged to have lost most of the money, having invested close to $5million with Khan.
Khan - Head - Sensei - International - Allegations
Khan, the head of Sensei International, has denied the allegations, saying the mix-up was a result of ‘cash-flow issues’ that arose when clients didn’t pay him.
‘This is because of a cash issue, which then led to people not being able to have the dinners done and their wines received. That’s terrible. We’ve addressed it, we will address it,” he said.
Court - Papers - Khan - Parties - Five-star
Court papers allege that Khan threw fancy parties at five-star restaurants which he used to pitch high-powered Wall Street figures on his business idea.
During those parties, Khan is alleged to have impressed his guests by claiming to have connections with wealthy winery owners, including Philippe Sereys de Rothschild of the famed Chateau Mouton Rothschild.
Lawsuit - Khan - Wealthy - Wall - Street
According to the lawsuit, Khan persuaded his wealthy Wall Street friends to invest millions in what became known as the International Business & Wine Society.
Dubbed an ‘elite supper club’ in news reports, the IB&WS included 50 members spread out over New York City, London, and Hong Kong.
Members - Year - Access - Events - Dinner
The members would each pay $5,000 a year to gain access to 11 events that featured high-end dinner menus...
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