The company called Astor Asset Management 3 offered to lend Ricardo Salinas USD 113.8 million, who pledged USD 416.3 million in Grupo Elektra shares as collateral
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The Astor family name, whose descendants included the owner of The Times between 1922 and 1966, evokes wealth, influence, and an impeccable pedigree within the establishment. That reputation, according to allegations filed in courts in the United Kingdom and Monaco, was allegedly used by a suspected fraudster to strip a Mexican billionaire of more than $416 million in shares.
The case arose when a company called Astor Asset Management 3 offered to lend $113.8 million to Ricardo Salinas. The magnate, convinced that the company was "owned by the wealthy Astor family," agreed to hand over $416.3 million in Grupo Elektra shares as collateral.
Salinas's executives were informed that they would negotiate the deal with Thomas Mellon, described in an online article as a "descendant of the famous Astor family". However, there was a problem: Mellon did not exist, according to a ruling by the British High Court.
In fact, the entire operation was allegedly an elaborate scheme to deceive Salinas. According to the judgment, Mellon was neither CEO of Astor Asset Management nor a descendant of the Astors. The real owner of the company was a Ukrainian businessman named Vladimir Sklarov.
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The article that established Mellon's identity proved effective: in July 2021, a $113.8 million loan was agreed upon, secured by Elektra shares that external custodians were prohibited from selling.
Soon after, alarms were raised when the shares began to be sold. The proceeds from those sales were being transferred to bank accounts in Monaco in the names of Sklarov's relatives, according to court documents.
In September of last year, Salinas obtained a High Court order to freeze the remaining Elektra shares held by Astor Asset Management and Sklarov, as well as the funds derived from the shares already sold. A request by Sklarov to revoke the order was denied.
Sklarov's attempts to overturn the order drew attention to his alleged history of false representations in business dealings.
Judge Calver stated in his ruling: "There is strong evidence that Mr. Sklarov used the Astor name precisely to mislead the claimants, and that this was his modus operandi in share-backed loan frauds."
The judge highlighted several previous cases, including lawsuits in which Sklarov was accused of using the names of famous financial institutions for fraudulent schemes. In 2020, Barclays Bank accused him of infringing the Lehman Brothers trademark, and in 2019, Rothschild Group filed a similar claim. Both cases were solved with Sklarov agreeing not to use those names.
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Sklarov's wife and daughters have now petitioned a Monaco court to unfreeze their bank accounts, which would circumvent the global freezing order issued by the United Kingdom's High Court. Last week, attorneys for both parties presented their arguments.
Salinas told The Times: "Sklarov, a serial fraudster who defrauded me, is now using the Monaco court to evade the UK's global freezing order. His use of aliases and relatives to perpetrate his frauds will once again be exposed, and our $500 million claim will succeed."
Sklarov leads a luxurious lifestyle in Greece. He owns a $4.45 million castle in Normandy, a $2 million apartment in Trump Tower (Chicago), and an apartment in Athens. His family also owns a $13 million yacht called Enchantment.
Asked about the allegations and the judge's comments, Sklarov stated: "The appeals court reviewed some facts and granted Astor the right to appeal, and Astor will prevail... The freezing order will be lifted soon." He added that Salinas's allegations were "baseless, contain lies, and contradict the loan agreement he signed."
