Small world, isn’t it?
Greenwich Fairfield partner, and Walter Noel son-in-law, Philip Toub, who is married to daughter Alix, has an interesting backstory. Toub, who oversees (oversaw?) Brazil and the Middle East for FGG, and is listed as the agent of such clients as the Abu Dhabi Investment Authority, also brought in the Swiss money. His father, Said Toub, of Lausanne, Switzerland, is a rich shipping executive. However, there’s something else father Said has steered in the past: investors’ money into a Robert Vesco deal.
From Arthur Herzog‘s book “Vesco”: Vesco had convinced a group, which included a Greek shipping family named Goulandris, to buy about $4.6 million of ICC shares at a 12 per cent discount, the money to be used in a takeover. ($1 million was deposited in Butlers Bank.) Said Toub, who arranged the transaction, found Vesco “personable and really impressive” — he had checked on Vesco’s credentials. the only trouble was that Vesco guaranteed that the group wouldn’t lose money and it did, about 75 per cent of its investment, but there had been no deal, except to Toub maybe a moral one, that Bob make good.
Here’s a refresher on Robert Vesco, the Madoff of his day:
From a Reuters piece about his (supposed!) death in May: Vesco, 71 at the time of his reported death, had lived in Cuba since the 1980s after fleeing charges in the United States that he bilked investors of more than $200 million.
That was big money then.
He ended up spending years in Cuban jail for defrauding a member of Fidel Castro‘s family.
…Vesco, from Detroit, Michigan, was a millionaire by the time he was 30. But after the U.S. charges were brought against him, he spent decades on the run in the Caribbean and Central America before settling in Cuba.
Along with bilking investors, he was accused of illegally contributing to President Richard Nixon‘s 1972 re-election campaign, attempting to bribe U.S. officials in a deal to let Libya buy U.S. planes, and drug trafficking with a Colombian drug cartel.
In 1996, Vesco was sentenced to 13 years in prison for defrauding a Cuban biotechnology lab run by Fidel Castro’s nephew in a scheme to produce a supposed wonder drug.
Image via New York Social Diary.
See Also: Walter Noel’s Wife: We’re Not Rich