Omertà: Inside an alleged billion-dollar loan network

Court documents and testimonies across multiple jurisdictions outline how an alleged network of brokers, intermediaries, and offshore entities built a web of deceit stretching from London to the Caribbean. While no single conviction has yet captured the full picture, a pattern emerges — one of trust betrayed and fortunes lost.

When Mexican billionaire Ricardo Salinas Pliego’s advisors agreed on a financing deal with an investment outfit calling itself Astor Asset Management in 2021, they believed they were dealing with a fund connected to a venerable American family. Three years later, that confidence had turned to disbelief. Their counterpart, who introduced himself as Gregory Mitchell, was alleged in court filings to be Vladimir ‘Val’ Sklarov — a Ukrainian-born financier accused in multiple lawsuits of orchestrating stock-backed loan schemes that left investors and companies across several continents nursing enormous losses.

Salinas was far from alone. According to civil complaints filed in the United States and Europe, a string of companies — including an Asian paper manufacturer, a US agricultural firm, and a mid-sized asset manager — all claim to have been ensnared by variations of the same promise: low-interest, stock-backed loans secured against valuable listed shares. When the loans matured, the shares had allegedly vanished, sold off through intermediaries and custodians. Combined losses across the cases have been estimated by lawyers at more than a billion dollars.

Court documents describe an intricate network of brokers, nominee firms, and shell companies designed to create the illusion of wealth and legitimacy. Sklarov, who had previously faced white-collar charges in the 1990s, is said to have refined the formula over a decade — adopting new names, partners, and jurisdictions to keep the operation alive. Each new client was introduced through third-party brokers, often based in London, Zurich, or New York, adding a layer of credibility that few thought to question.

In one early case, a Utah-based biotech entrepreneur reportedly dealt with Sklarov under the alias 'Mark Simon Bentley'. By the time of the Salinas agreement, the financier was said to have shifted identities again, this time assuming the persona of an American fund manager linked to the Astor dynasty. Introductions were made through a Swiss intermediary, and due diligence appeared to check out. The paperwork looked professional, and the collateral process sound.

Central to the structure, court filings allege, were companies registered in the Bahamas and the United Kingdom that acted as ‘custodians’ of pledged shares. In theory, these firms were to hold the assets safely until repayment. In practice, investigators claim, the shares were quietly moved onto the open market, with the proceeds transferred to accounts controlled by Sklarov and his associates. Both custodial entities named in litigation continue to operate in their respective jurisdictions, and neither has been found guilty of wrongdoing.

Supporting Sklarov, according to the same filings, was a US-based lawyer who managed client accounts used to channel large sums — in some instances exceeding $250 million — through trust structures and escrow arrangements. The lawyer, who is not accused of any criminal offence, has not publicly commented on the cases.

Another associate, described as a forger in unrelated proceedings, was reportedly introduced as a descendant of a prominent American family. Such theatrical details, investigators argue, helped sustain the illusion. Meetings took place aboard yachts and in high-end hotels, complete with carefully curated backstories and supporting documentation that would pass a casual compliance check.

When victims attempted to recover their shares, they found the trail fragmented. Some assets had been transferred through offshore nominees; others were held in the names of relatives. Property in France and Greece was allegedly purchased via layered companies connected to family members, making asset recovery complex and expensive. Salinas’s legal team eventually secured a worldwide freezing order in the English High Court covering the known assets of Sklarov and associated entities. The proceedings continue, with a summary judgment hearing expected later this year.

In the course of those proceedings, documents seen by EU Reporter reveal that several of Sklarov’s adult relatives have been listed in attempts to access frozen funds in accounts linked to the UK entities. Lawyers for Salinas argue these efforts show a coordinated attempt to circumvent the High Court order — a claim not proven in court.

Today, Sklarov is believed to reside in southern Europe. He has not responded publicly to the allegations, and no criminal conviction has been recorded against him in connection with the current cases. Requests for comment sent to his representatives and to the law firm named in court filings went unanswered at the time of publication.

For his part, Ricardo Salinas Pliego has pursued legal action in the United Kingdom to recover his company’s shares and associated funds. He continues to maintain his innocence and denies any wrongdoing in his own business operations. In statements provided to Mexican media, he has described the experience as a cautionary tale about transparency, due diligence, and the risks of offshore finance.

Whether the upcoming London hearing will bring final closure to this long-running saga remains to be seen. What is clear is that the alleged network exploited the global financial system’s blind spots — and that those who trusted its promises may never see their money again.

Disclaimer: This article is based on court filings, legal documents, and public records. All individuals and entities named are entitled to the presumption of innocence. EU Reporter has sought comment from the parties concerned. The publication makes no allegation of criminal guilt and will update this article if new information becomes available.

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