Felix Sater, a former associate of Donald Trump, faced a legal defeat in Manhattan as a federal jury ruled against him in a civil trial accusing him of aiding a wealthy Kazakh man in laundering millions through U.S. real estate, including Trump SoHo condos, Bloomberg reported.
The jury sided with the plaintiffs—Almaty, Kazakhstan's largest city, and BTA Bank—awarding over $32mn in damages.
The lawsuit, which alleged that Sater facilitated the laundering of funds for Ilyas Khrapunov, involved a complex web of financial transactions spanning several high-profile properties and investments.
Matthew Schwartz, representing the plaintiffs from Boies Schiller Flexner, expressed satisfaction with the outcome, highlighting the punitive damages imposed by the jury.
Sater, known for his past association with Trump and having offices at Trump Tower, intends to appeal the verdict, disputing the allegations against him. The trial stressed Sater's controversial past, including prior legal entanglements and his role in various business dealings, not least of which involved his connection to Trump's real estate ventures.
The case, part of a broader effort by BTA Bank to recover allegedly embezzled funds amounting to approximately $6bn, has drawn attention to the intricate financial maneuvers and international implications linked to Sater's business activities.
Despite the verdict, neither Trump nor his current legal affairs were implicated in the trial.
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