Ralph Esmerian the 71 year old jeweler to the stars and chairman of the American Folk Art Museum, has been sentenced to six years of imprisonment and a $20m fine, following his arrest by the US postal inspectors and conviction for lying and looting to “maintain his personal and financial status”. Esmerian has been accused of obtaining $210m in loans through multiple pledging of his assets, and the sell-off of those assets once the loans were in place. As the hole Esmerian had dug for himself got bigger, his attempts to satisfy suspicious lenders became more elaborate as he sold gems for fractions of their value in order to repurchase earlier hocked gems, eventually filing his jewelry business for bankruptcy protection as his elaborate scheme dramatically unfolded. Inspired by Brook Mason ow.ly/5TYCJ image source overall ow.ly/5TYVQ Life of fraud and deceit on massive scale (August 7 2011)

Ralph Esmerian the 71 year old jeweler to the stars and chairman of the American Folk Art Museum, has been sentenced to six years of imprisonment and a $20m fine, following his arrest by the US postal inspectors and conviction for lying and looting to “maintain his personal and financial status”. Esmerian has been accused of obtaining $210m in loans through multiple pledging of his assets, and the sell-off of those assets once the loans were in place. As the hole Esmerian had dug for himself got bigger, his attempts to satisfy suspicious lenders became more elaborate as he sold gems for fractions of their value in order to repurchase earlier hocked gems, eventually filing his jewelry business for bankruptcy protection as his elaborate scheme dramatically unfolded.

 

Inspired by Brook Mason http://ow.ly/5TYCJ image source overall.com http://ow.ly/5TYVQ