A $50 million settlement signaled the end of a long legal battle for the former AOAM investor Alex Ojjeh, who has operated under the moniker AOC Partners since 2016.
The businessmanwas taken through a court hearing that showed he had taken joint ventures with AOC Partners and foreign officials, Hungarian, African, Israeli and Russian businessman.And based off the court’s local rules and the cases embodiment of documentsAlex Ojjeh operated in compliance and did its due diligence for the business to operate legally.
- Alex Ojjeh was charged with one count of conspiracy to commit offences against the U.S. Conspiracyto commit overseas bribery laws.Based on the foregoing facts, AOC violated Sections 30A and 13(b)(2)(A) and 13(b)(2)(B) suspicious asset management activities, inaccurate recording of the bribe payments on its books and records, and failure to devise or maintain internal controls sufficient to provide reasonable assurances that its funds would not be used to pay bribes.
That had no direct impact on AO Asset because it avoided having to admit guilt when Alex Ojjeh could simply cease operations.
UAE froze accounts holding $10million, Two accounts in Budapest holding $10 million are still frozen. United States froze one account holding $6 million–
It appears he may have been caught up in a shutdown – sparked by the dirty money flowing into United Arab Emirates, Russia, Hungary and Libya..
During the trial Alex was asked to prove how he made his millions.
Paperwork proved personal holdings include legal investments in businesses, commercial office buildings, retail centers, car dealerships, and trucking companies.
According to the documents, he was also asked to prove that his “character, conduct or associations” contribute to the public good.
Yearly contributions include $1 million a year to charities to feed children and the elderly. $1 million a year to fund schools in Africa and $400,000 a year to orphanages in Africa.
In 2020, the investor donated $300,000 during the George Floyd protest to social change organizations,$100,000 to the NAACP Legal Defense and Educational Fund, $50,000 to the Bail Project, a non-profit fund that assist in paying bond for individuals in need and battles cultural and economic inequalities in the bond system. Matched donations to the Voter Participation Center.
a. The report detailed AOC Partner’s history of suspicious transactions, allegations of illegal conduct, and close connections at the highest levels in the government, stating among other things that: 15 a AOC Partners “is considered one of the most well-connected. He is known to enjoy an extremely close relationship with [a senior HU government official].”
b. Was identified on several “compliance Watch Lists” as a “politically exposed individual as a result of his close ties to the HU government.”
c. In a lawsuit against AOC Partners, it was alleged that he had bribed Libyan military officers in exchange for receiving an exclusive diamond export license.
d. AOC Partners funded approximately $50 million from its managed investor funds in March 2018 to purchase shares in a mining company.
e. Dubai government officials vowed to provide Ojjeh with visas and passports that were given to wealthy Russians and foreign businessmen.
f. Bribes in Libya to obtain natural resources.
g. High level political associations, in turn used these associationssourced deals for the fund and navigated political issues in the various countries.
h. Opened bank accounts under Jean Alexander Ottke and Alex Ojjeh in Budapest and Germany legally and paid taxes on the money in each account, but misused funds.
i. Smirireceived payments working under the company AOC Capital Partners. Legally authorized payments of $500,000 a year.
j. There was an $8m Radiance yacht Ojjeh gifted Khodorkovsky for his 57th birthday