- Ricardo Salinas Pliego lost about $400 million in a loan-to-own scam in 2021
- The fraudsters falsely claimed ties to the wealthy New York Astor family
- Salinas Pliego's $400 million stock collateral was secretly sold by the scammers
In 2021, Mexican billionaire Ricardo Salinas Pliego was scammed by fraudsters posing as descendants of the prominent Astor family, resulting in a loss of approximately $400 million. According to New York Post, the scam involved a sophisticated "loan-to-own" scheme orchestrated by con artists, including Ukrainian-born American Vladimir Sklarov. The scammers falsely claimed their firm, Astor Capital Fund, was linked to the Gilded Age Astor family, known for their wealth and influence in New York society.
Mr Pliego, owner of Grupo Salinas, recently talked to Wall Street Journal about the scam, that wiped nearly a quarter of his net worth. He said that he believed he had found a reliable partner to finance a large Bitcoin investment in 2021, however, he fell victim to a "loan-to-own" scheme.
"I feel like an absolute idiot. How could I fall for this?" Mr Pliego, 69, told the Journal.
The billionaire's financial nightmare began when he sought to expand his cryptocurrency holdings by borrowing $400 million against his stake in Grupo Elektra, the retail and banking empire founded by his father in 1950. He was introduced to Astor Capital Fund by a Swiss financial adviser, which claimed ties to the esteemed New York family. The billionaire's team remained confident in their lending partner despite concerns, after visiting Astor's seemingly legitimate New York City offices.
However, Salinas Pliego's stock collateral, worth over $400 million, was secretly sold off by Arkady Sklarov, who posed as "Gregory Mitchell," and his accomplice, who impersonated an Astor family descendant.
The scheme unraveled when Salceda Sanchez requested proof that Salinas Pliego's shares remained in his custody account. Astor Capital refused, claiming the request was forbidden interference, and asserted control over the collateral. As the London broker questioned the short-selling of stock, "Mitchell" downplayed concerns.
When Mr Pliego tried to prepay the loan in July 2024, Astor Capital issued a default notice, citing alleged violations, including late interest payments and a Mexican government investigation. Legal filings revealed that Salinas Pliego was just one victim in a larger operation. The fraudsters had set up a complex scheme, using multiple aliases and companies to deceive their victims.
Property records reveal that Sklarov's associate covertly funneled Salinas Pliego's money into luxury real estate purchases across the US and Europe.
The scammers used his money to acquire a portfolio of high-end properties, including a $6.45 million New York penthouse with Central Park views, a $2.67 million Virginia mansion, and a $6 million French château. They also purchased two villas in affluent Greek suburbs. To appear legitimate, the con artists created a professional website, polished promotional materials, and attractive loan terms. One impersonator, posing as Thomas Astor Mellon, participated in video conferences from a yacht, speaking with an American accent and claiming to be a descendant of John Jacob Astor.
The mastermind behind the scheme was Val Sklarov, a Ukrainian-born fraudster with a decades-long history of crime. Sklarov had operated under multiple aliases and had served prison time for an $18 million Medicare fraud. He reinvented himself multiple times, changing his name and establishing companies across various jurisdictions.
