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For added than a decade through 2015, Houston-based Quantlab was a money machine, breeding added than $3 billion in accumulative profits from proprietary high-frequency trading that on some canicule accounted for 3% of NYSE volume. Added than 70% of those profits went to architect Wilbur “Ed” Bosarge—or rather, to trusts he controls.

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Quantlab cofounders Bruce Eames (with a 24% stake) and Andrey Omeltchenko (with 4%) are now suing the  81-year-old Bosarge for fraud. (He denies their claims.) Bosarge is additionally adverse a artifice clothing from the architect of a Bahamian axis corpuscle dispensary that he funded, took ascendancy of and at which he accustomed assorted treatments—for, he said in a deposition, “bad ankles, bad knees from skiing, anatomy that pulled out. Back you adeptness 70, 75, assorted things alpha activity amiss and you accept to accord with them.”

Carefree: For years, Ed and Marie Bosarge catholic the apple accession homes and antiques.

But Bosarge’s best notable accepted acknowledged battle—for what it shows about the way U.S. accompaniment assurance laws added assure the rich—is with his wife, Marie, a 66-year-old onetime Marilyn Monroe amateur Ed affiliated in 1989. In the summer of 2017, while Marie was in London putting the finishing touches on their newest pad, a $45 actor Georgian abode in billionaire anchorage Belgrave Square, Ed served her with annulment papers. Marie says she was shocked. Yes, she says, she knew about Ed’s twentysomething Russian mistress, but she affected Ed would see it as too big-ticket to annulment her back the brace didn’t accept a prenuptial acreage acceding and Texas is a association acreage state—meaning aggregate becoming during their marriage, including those Quantlab profits, would be jointly owned.

Marie contends she’s owed a billion or more, although she tells Forbes she’d achieve for beneath than $100 million. “I’d be blessed with that. To aloof pay my bills and move on with my life.” 

Forbes estimates Ed Bosarge is anniversary at atomic $1 billion. But as he and his attorneys acquaint it, the couple’s association acreage assets complete aloof $25 actor back an arrangement of trusts own not alone his Quantlab stock, but additionally their homes in Houston, Aspen, London and Maine and the 72-acre island in the Bahamas area they docked their three (trust-owned) yachts, including the eponymous 180-foot Marie, complete with a babyish admirable piano. Afterwards the annulment affirmation were served, one of the trusts alike repossessed a $1.9 actor (purchase price) design chaplet which Marie says Ed gave her as a Christmas present in 2009.  “That wasn’t a gift; that was accurately bought by the trust. It was a specific investment,’’ Ed insisted in a degradation aftermost year.

“He’s accepting older, he’s got a new pony, and he doesn’t appetite to acknowledge who got him here.”

After bootless mediations and amaranthine hours of depositions and hearings, the annulment was headed to a Houston board balloon in April—then Covid-19 hit. Meanwhile, Marie says the $20,000 a ages in conjugal abutment she gets all goes to her attorneys and she can’t acquiesce to accumulate fighting, or alike get her advanced teeth fixed. “I accept four teeth that I agape out actual adolescent skating. The bridges are accepting accessible to appear out. It needs to be done.”  

She’s succeeded in authoritative her case article of a anniversary célèbre amid women’s rights activists in Houston.  On a mild July Saturday, a dozen protesters aggregate on the bend alfresco of the North Boulevard mansion, accustomed signs ambitious “Justice for Marie.” 

“This is a women’s rights issue,” says Cynthia Cole, a protester who is additionally a bounded official with the American Federation of State, County and Municipal Employees. “He’s accepting older, he’s got a new pony,” she says, “and he doesn’t appetite to acknowledge who got him here.”

Amid a diffuse deposition, Ed Bosarge claims the 43-carat design chaplet was not a gift, but an investment.

But the case has broader implications, above divorce. At the affection of the Bosarges’ affray are three techniques acclimated by the affluent to assure their abundance from (among added threats) tax collectors, creditors, antagonistic business ally and yes, soon-to-be-ex-spouses. The oldest is adopted trusts, which accept connected balked creditors, but accept been beneath advance by U.S. tax authorities for added than a decade.  

The two newer and added accepted techniques are calm asset aegis trusts (DAPTs) and “trust decanting.” DAPTs acquiesce affluent association to put assets in a U.S. assurance for their own anniversary and afresh assure those assets from approaching creditors. Traditional assurance law prevented addition from careful assets in a trust, if they connected to ascendancy those assets and acclimated them for their own benefit—and that’s still the case in a majority of states. But added states accept been advancing to allure assurance business by afterlight their laws to favor those with the assets over those with the claims—hence the advance of DAPTs.

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Decanting, for its part, is a action acclimated to change the agreement of a allegedly assertive assurance by removing the trust’s assets and appointment them into a new trust, about in a accompaniment with laws that accommodate for best asset aegis and caliginosity and no accompaniment taxes. 

“We consistently paid banknote for everything. I wasn’t complex in any details; I trusted it.”

South Dakota has been the best advancing in the chase to “the complete basal of the pit,” says asset aegis advocate Jay Adkisson, who is not complex in the Bosarge case. For example, it allows assets to be decanted from one assurance to addition afterwards any apprehension to beneficiaries who may be cut out of the new trust. It additionally allows DAPT assets to be adequate from alimony, annulment and adolescent abutment claims—so connected as those claims didn’t abide back assets were aboriginal transferred into the DAPT. Indeed, in a contempo South Dakota case, a affluent California woman exhausted a clothing brought by her ex-husband who capital her to pay about $9,000 in anniversary adolescent abutment out of a assurance in her name. “South Dakota is about bulletproof,’’ echoes David Slenn, a assurance advocate abstract with the Bosarge case.

In a degradation taken backward aftermost year (among a accession of closed cloister abstracts acquired by Forbes) Bosarge appear he is the almsman of South Dakota trusts captivation $800 actor in acquainted assets and $280 actor in cash. And he acceptable has alike added socked abroad in trusts in the Bahamas, the British Virgin Islands and Malta, Marie and her attorneys believe. A declared Bosarge ancestors appointment antithesis area from 2011 that Marie aggregate with Forbes shows a net anniversary of $2.263 billion.  

John Pavlas, an advocate for Ed Borsage declined, via an email, to “comment on the ascertainable barbarism and/or canard of abounding of the ‘facts’” Forbes approved to verify for this story. He said that he can’t animadversion because “virtually all of that advice is the accountable of acquaintance orders in assorted proceedings.” Afterwards acclamation specifics, Pavlas did alarm Marie a liar. “Simply, the accuracy does not advice her or fit with her narrative, so she ignores it and says whatever she pleases.”

The 81-year-old Bosarge is a fan of axis corpuscle treatments.

Wilbur Edwin Bosarge Jr. was no assurance armamentarium baby. He was built-in in 1939 in Mobile, Alabama, the son of a grocery abundance administrator from adjacent Bayou La Batre, accepted for shrimp fishing. A numbers whiz, he advised activated algebraic at Georgia Tech, formed for IBM on NASA’s Saturn rocket activity in the 1960s and becoming a Ph.D. at Brown University in 1969. In Houston, he lectured on algebraic at Rice University and launched a startup, Texas Accepted Resources—where in 1983 (without acceptance or abstinent anything) he agreed to a abiding admonition barring him from actionable the antimanipulation and antifraud accoutrement of balance law. (The U.S. Balance and Barter Commission declared he had illegally propped up the amount of shares in an oil aggregation that he approved to barter for a pale in an oilfield.)

Next he created Frontier Limited, which aimed to use “adaptive arrangement recognition” to exhausted the markets. According to the 1999 book The Predictors, by Thomas Bass, Bosarge partnered in 1990 with quantitative trading adept Rafael deNoyo, who anon apparent that Frontier had about no assets: “We were abaft on the hire and couldn’t pay the buzz bill,”  deNoyo told Bass. His booty on Bosarge: “He’s a authentic con man.” Bosarge’s ally eventually sued him for annexation millions from Frontier. He denied their claims and acclimatized the clothing on bearding agreement afore balloon in 1994. Frontier appears to accept been abundantly endemic by Capital Technologies, which was itself endemic by the African Tudor Trust.

Marie says back she affiliated Ed in 1989, he seemed to be broke. “I admired him for his mind, truly,” she says. Her aboriginal bells arena was a cubic zirconia and anon afterwards their marriage, their home in Houston was bankrupt on, Marie says.  But in 1991, that aforementioned Capital Technologies bought an 8,600-square-foot abode on North Boulevard in Houston’s architecture district, area Ed Bosarge still lives. The then-happy couple moved in, and Quantlab was eventually built-in there. “The accomplished abode was the office,” recalls Marie, abacus that the three data-scientist founders formed out of the conservatory and basin cabana.  

The Bosarges were said to bandy the best parties in Houston.

That abstruse African Tudor Trust? It was set up (or settled) in Bermuda  in 1983 by Barbara Rattay, Bosarge’s sister-in-law from his aboriginal marriage, with (according to affirmation by Ed Bosarge) $100,000  contributed by his sister-in-law and mother-in-law. The aboriginal beneficiaries were the two accouchement of Ed and his aboriginal wife, Brigitte.  Barbara Rattay is a onetime affiliate of the Namibian assembly whose affluent ancestors has lived in Namibia for generations. Because she acclimatized the assets in the African Tudor Trust, experts say, the assurance was cloistral from Bosarge’s creditors. Rattay’s Namibian citizenship added cloistral assurance assets from U.S. tax authorities.

Marie contends African Tudor Assurance was a adulterated and that Ed was consistently in ascendancy of the assurance and acclimated it as a belvedere for his approaching business ventures. According to Ed Bosarge’s own testimony, in the mid-1980s he transferred assertive math-based “ideas” for accelerated banal trading to Rattay, who placed them into the African Tudor Trust. This bookish property, he said in a deposition, represented the seeds of what grew to be Quantlab. Moreover, Ed did not booty a academic bacon for his assignment architecture Quantlab. Rather, he said, any advantage that he commonly would accept accustomed was reinvested in the company.

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Marie contends that the compounding amount of Ed’s adamantine work—accrued for years central African Tudor—was absolutely association property. That’s crucial, because all the consecutive trusts were allegedly seeded by African Tudor assets. According to cloister documents, in 2001, with banknote flows from Quantlab ramping up, all the assets of African Tudor were allegedly transferred, by Rattay, into two new trusts she settled, the North Boulevard Assurance (situs in Texas) and the MAS Assurance (in Bermuda). That aforementioned year, Ed and Marie were added as beneficiaries, forth with Ed’s children. Son Andrew Bosarge (now 57) was the “trust protector” for the North Boulevard trust, a appropriate appellation that meant he could alter advisers for any reason. 

But Bosarge’s assurance ambiguity was aloof accepting started. He explained it this way in his testimony: “If you begin one assurance into two or two into one, assets from one may get breach up into three. Aloof depends on the needs. The tax needs or base needs.”  According to Marie’s attorneys, assets of MAS Assurance were acclimated to berry Etosha Trust, Excalibur Trust, ESD Assurance and Exson Trust. Later on, assets from those trusts were acclimated to achieve the South Ocean Trust, South Pacific Assurance and Exsontoo Trust. Meanwhile, assets of North Boulevard went to authorize the Southport Assurance (2008) and CapTech Assurance (2012). Abounding of these are now domiciled in South Dakota.

“If you begin one assurance into two or two into one, assets from one may get breach up into three. Aloof depends on the needs.” 

Founding abstracts of CapTech Assurance (read into the almanac during one of Ed’s depositions) call its purpose this way: “to acquiesce Dr. Bosarge and his ancestors to absorb ancestors assets including antiques and art collection, that are currently captivated in the CapTech Corp. and adore the assets generated thereby in a United States tax-efficient manner.” (That assurance started out in Texas and was confused to South Dakota.)

While trusts paid the amount of his businesses and an added abundant claimed lifestyle, Bosarge showed analogously bashful assets on his claimed tax returns—or at atomic a declared archetype of the couple’s 2014 collective tax acknowledgment shows $1.67 actor in gross income. Back he did charge cash, Ed explained in a deposition, he would get “replenished” via a administration from one of the trusts. Ed said he instructed assurance advisers to accumulate $200,000 in banknote in safes at his assorted properties. He sometimes agitated $4,000 in walking-around money. “We consistently paid banknote for everything,” Marie tells Forbes over coffee at Hotel ZaZa in Houston. “I wasn’t complex in any details; I trusted it.”

In 2012, fearing an Obama-era change in laws affecting adopted trusts, Bosarge absitively on a change of abode for best of his asset-rich trusts—to South Dakota. (At about the aforementioned time, according to a being with immediate knowledge, both Merrill Lynch and Goldman Sachs concluded relationships with Bosarge, allegedly anxious about the antecedent of funds in assertive accounts.)

With alike Switzerland and Luxembourg now affected by an all-embracing crackdown on tax artifice by the affluent to about-face over annal of some anniversary holders, tiny South Dakota has become a nouveau all-embracing assurance magnet, alluring added than $300 billion in assets.

The Bosarges started off modestly: “I admired him for his mind, truly,” says Marie.

In his deposition, Bosarge claimed Marie was notified of the movement of assurance assets to South Dakota. Marie abnormally asserts that she didn’t apperceive that the trusts were alteration to her detriment; that her signature was artificial on some documents; and that Ed afraid her into signing others. Bosarge, in a deposition, dedicated his accepted convenance of not including Marie in discussions of banking matters: “She has no judgment,” he said. 

Marie’s attorneys argue that because the African Tudor Assurance independent what was absolutely her association property—that is, the profits from Quantlab, congenital absolutely during their marriage—every consecutive assurance it was decanted into charge additionally be association property. But they accept they can’t prove it; aftermost November, a South Dakota cloister angry bottomward their attack to get analysis of key assurance documents, acquainted in a cardinal that according to accompaniment assurance law, “ . . . a almsman trustee is not alone accountable for agreements, affairs or accomplishments entered into by its antecedent fiduciary.”

Such abridgement of accuracy is key to the capability of asset aegis trusts. “It’s proprietary. You’re not accustomed to know,” Marie’s advocate Bucky Allshouse complained in a audition this accomplished February. “We don’t apperceive what assets went in there and whether they’re accidental association assets or abstracted assets or whether they were there from the actual beginning,” he said. “It’s their accountability to prove it’s abstracted property. They haven’t done it.” 

Marie Bosarge is about bent in a Catch-22: To accept any achievement of proving artifice in her Texas annulment case, she needs to apperceive what’s in the South Dakota trusts. A adjudicator in Harris County Ancestors Cloister in June absolved three of Marie’s claims, while acceptance three others to go forward—including that Ed abandoned his fiduciary assignment adjoin her. Balloon is set for November, communicable pending.

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How abundant of Bosarge’s trust-shuffling was aimed at alienated tax and how abundant a association acreage breach or apparel by ally is unclear. Joseph R. Valentino, one of Bosarge’s longtime tax attorneys, is in federal aegis in Houston apprehension displacement to the Netherlands, area he was bedevilled to serve about three years for accumulated tax fraud. As afresh as 2016, Valentino served as a trustee of a assurance Bosarge and Quantlab cofounders Eames and Omeltchenko had formed to ascendancy the company.

They docked three yachts at their island in the Bahamas, including an 180-footer alleged “Marie.”

The cofounders affirmation in their artifice clothing adjoin Bosarge that they congenital the aggregation while he “was absolutely aloof in what was activity on at Quantlab as connected as it was befitting his yachts afloat.” They’re attempting to accretion ascendancy of the company, or alternatively, to get their money out. Incessant antagonism from the brand of Citadel Balance and Virtu gradually breakable Quantlab’s edge. Eames and Omeltchenko say Bosarge scotched a $1.7 billion action for the aggregation in 2016 (he was attractive for added like $3 billion) and afresh “effectuated a absolutist coup” that affected them out.

Plagued by defections, in 2017 Quantlab bought assets from Chicago-based battling Teza. “What charcoal is valuable, but added ineffective,” according to Eames and Omeltchenko. Bosarge said in a degradation in his annulment case that the arrangement isn’t authoritative abundant appropriate now, but that adeptness change, “if it wakes up.” 

A 2019 cardinal in Delaware Chancery Cloister begin that Eames and Omeltchenko did not accept the ability, beneath Quantlab’s administering documents, to force Bosarge out. The cofounders still accept a abstracted clothing adjoin Bosarge in Texas charging fraud, which he denies. That suit, too, has been on authority due to the pandemic, as has the affected acknowledged blend about the axis corpuscle clinic. 

Supporters of Marie protested in July alfresco Ed’s abode on North Boulevard in Houston.

Back in 2015, via a Bahamian assurance alleged Big Bird, Bosarge purchased Okyanos, a axis corpuscle dispensary in Freeport, Bahamas, founded in 2011 by Matthew Feshbach, an broker and axis corpuscle apostle afterwards any medical training. Okyanos claimed to accept gotten a Parkinson’s-stricken grandmother out of her wheelchair and walking again. But debts were axle up—Feshbach had begin it awfully difficult to get doctors to accredit patients to his dispensary (paying for referrals is illegal). But Bosarge was blessed to help, and acquisitive to try the treatments, advice in a degradation that he himself accustomed 13 treatments there.

Indeed, for ten years Bosarge has accurate assignment on targeted axis corpuscle therapies, and added afresh has offered himself up as guinea pig—having his own axis beef extracted via liposuction, antiseptic and reinjected to agitation areas. “Stem beef are the best way, your own axis cells,” he said in a deposition. Bosarge sponsored an anniversary appointment at the Vatican, afterwards which the abbey came out in abutment of developed axis corpuscle research. 

When Bosarge took ascendancy of Okyanos, he apprenticed with Feshbach to breach on the job at $30,000 per month, and millions added promised over several years. But the accord with Feshbach anon soured. According to a artifice and breach-of-contract clothing brought by Feshbach adjoin Bosarge in Pinellas County, Florida, the billionaire accursed Feshbach afterwards he banned to breach U.S. and Bahamian law by importing axis beef from Houston to Okyanos afterwards FDA approval or permits. Feshbach additionally alleges that Bosarge and his aggregation conspired to pay doctors for referrals.

Bosarge’s affected responded to the claims by acute arbitration, and the case is now in limbo. Bosarge’s ancillary says the dispensary was destroyed in Hurricane Dorian. Feshbach’s attorneys produced to the cloister an affirmation from Okyanos’ freeholder adage accident was minimal. Bosarge after opened up a backup dispensary at home in Houston. An accessory sums up what it’s like to do business with him: “No one does business with Ed Bosarge afterwards advancing abroad diminished.”

See added in this Forbes video:

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