Ten years ago, Mohamed Badawy Al-Husseiny was sitting next to Sir Richard Branson at the Oshkosh air show signing a deal on behalf of Abu Dhabi to invest $280 million in the British billionaire’s space tourism venture, Virgin Galactic.
The wealthy CEO of Abu Dhabi’s sovereign wealth fund, aabar investments, likely had dreams of gazing down on Earth while floating in space aboard Virgin’s SpaceShipTwo.
Today, Al-Husseiny is sitting in a jail cell serving a 10-year sentence for financial crimes. He also has been implicated in one of the largest financial frauds in history involving the theft of more than $4 billion.
The scandal engulfing Aabar Investments just keeps getting stranger and stranger.
The U.S. Justice Department has charged that some of the funds allegedly stolen from the Malaysian sovereign wealth fund 1MDB ended up funding The Wolf of Wall Street, a hit movie starring Leonardo DiCaprio as corrupt Wall Street stock broker Jordan Belfort. (more…)