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Harry Cassin
Publisher and Editor

Andy Spalding
Senior Editor

Jessica Tillipman
Senior Editor

Richard L. Cassin
Editor at Large

Elizabeth K. Spahn
Editor Emeritus

Cody Worthington
Contributing Editor

Julie DiMauro
Contributing Editor

Thomas Fox
Contributing Editor

Marc Alain Bohn
Contributing Editor

Bill Waite
Contributing Editor

Shruti J. Shah
Contributing Editor

Russell A. Stamets
Contributing Editor

Richard Bistrong
Contributing Editor

Eric Carlson
Contributing Editor

Bill Steinman
Contributing Editor

Kleptobrat Teddy Obiang’s ludicrous supercar collection heads to Geneva auction

Twenty-five supercars seized by Switzerland in 2016 from Teodoro Nguema Obiang Mangue, the vice president of Equatorial Guinea and son of the president, will be auctioned to the public in September. 

The auction is expected to raise around $13 million, auction handlers Bonhams said in a statement

The collection is being “offered for sale by the State of Geneva, to be sold without reserve,” Bonhams said. 

Mauro Contessotto, the state auctioneer for Geneva, will conduct the proceedings. 

Some of the supercars on offer include a Lamborghini Veneno ($5 million), Ferrari – La Ferrari ($2.6 million), Koenigsegg One:1 ($1.8 million), McLaren P1 ($1.5 million), and a Bugatti Veyron 16.4 ($700,000).… Continue Reading

Kleptocurrency: $16 million seized from Equatorial Guinea VP in Brazil

Police in Brazil confiscated a bag of luxury watches and cash from Teodoro Nguema Obiang Mangue and his entourage after their private plane landed at an airport near Sao Paulo. 

Obiang is the vice president of Equatorial Guinea and son of the president. 

According to reports, police searched the luggage and found around $1.5 million of cash in one bag, and watches worth around $15 million in another. 

The eleven-person entourage arrived last Friday at the Viracopos airport outside Sao Paulo by private jet, the Guardian said. 

It’s illegal to enter Brazil with more than 10,000 reais ($2,400) in cash without declaring it.… Continue Reading

How do kleptocrats spend the money?

Last week police in Malaysia arrested former prime minister Najib Razak after seizing $273 million of loot from his houses and condos.

Prosecutors think Najib and his wife bought the loot with money stolen from Malaysia’s sovereign wealth fund, 1MDB.… Continue Reading

French court strips Obiang of local assets after embezzlement conviction

A French court last week convicted Teodoro Nguema Obiang Mangue, the vice president of Equatorial Guinea and son of the president, of embezzling public money and spending it on himself.

The judge confiscated all of Obiang’s assets in France, fined him €30 million ($35 million), and gave him a suspended three-year prison sentence.… Continue Reading

Teddy Obiang on trial in Paris for embezzlement

The son of Equatorial Guinea’s president went on trial this week in France for embezzling more than $112 million from his country’s treasury.

Teodoro Nguema Obiang Mangue, also known as Teddy Obiang, is the second vice president of Equatorial Guinea.… Continue Reading

FinCEN expands beneficial owner reporting for cash real estate deals

The Financial Crimes Enforcement Network (FinCEN) is expanding required reporting of beneficial owners for cash real estate purchases beyond Manhattan and Miami to six new areas in California and Texas.

The Geographic Targeting Orders (GTOs) require title insurance companies to identify the natural persons behind domestic and foreign companies used to pay all cash for luxury residential real estate in six major metropolitan areas.… Continue Reading

The BOTA Foundation explained (Part Eleven): Future BOTAs and dictators’ money

The BOTA Foundation was able to take the $115 million from the corruption case associated with James GIffen and use it effectively and efficiently to assist more than 200,000 poor children, youth and their families in Kazakhstan. 

Created in 2009 based on an agreement by the governments of the U.S., Switzerland and Kazakhstan (brokered by the World Bank), BOTA to date is the only such foundation to emerge from a FCPA prosecution. 

The question is: will the BOTA case be unique?… Continue Reading