HFZ Capital Group real estate development company was taking kickbacks from the mob & construction companies on tax subsidized projects in NYC! Lots of guilty pleas, wonder how many have flipped? #ButNothingsHappening
https://twitter.com/EDNYnews/status/1350190705755500546
Seems their investors & lenders are looking for $300M that they gave to the group that it can't repay. Wonder where all that money went...thecity.nyc/manhattan/2019… 
I'm seeing a common trend here, overpay someone for a property, start a construction project & let the money all disappear. Then borrow more money to keep it alive by promising lenders the moon, only to end up with no money to pay them back again...
therealdeal.com/issues_article…
therealdeal.com/issues_article…
Seems HFZ got an unusually large loan, likely at bad interest rates, from a UK hedge fund named Children's Investment Fund, who now seeks a new company to bail out & finish the project...
Throw in bad accounting practices & intermingling funds & you have the perfect recipe for exactly what happened here. Money going to line the pocket of corrupt execs, construction companies & the mob.
Apparently they are trying desperately to stay out of bankruptcy which would open their books to scrutiny. And here is where it crosses into my usual territory, a Brazilian mining company alleges an Israeli/French diamond oligarch Beny Steinmetz has stashed money in the projects.
Steinmetz is currently on trial in Switzerland for falsifying documents to conceal bribes for mining rights in Guinea...
Good thing prosecutors had the #receipts!
dw.com/en/mining-tyco…
Good thing prosecutors had the #receipts!
dw.com/en/mining-tyco…
Swamp creatures in Guinea are cheap to buy too! $10M in bribes to get a rights worth $5B for only $165M. Those profit margins can buy you a lot of friends.
After the President they bribed died, Steinmetz business interests failed heavily & Guinea resold the licenses to other mining companies like Vale the Brazilian company that says that Steinmetz money is hidden in equity with HFZ properties.
Looking like the usual results too, the extractive industries bankrupt these 3rd world countries. Loot everything into off-shore companies & buy off the Swamp for protection. Then China slides in & tries to buy access to those countries by funding projects for mining rights.
As China is doing with the project in Guinea now...
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