NEW YORK (Reuters) - Tom Barrack, a onetime private equity executive and fundraiser for former President Donald Trump, was found not guilty by a jury on Friday of unlawfully acting as an agent of the United Arab Emirates, dealing a setback to the U.S. Justice Department.
Barrack was also acquitted of obstruction of justice and making false statements to FBI agents in 2019 about his interactions with Emirati officials and their representatives.
The verdict followed a six-week trial in federal court in Brooklyn. Barrack, who was prosecuted by the U.S. attorney's office in Brooklyn, had faced a total of nine criminal counts.
(Reporting by Luc Cohen; Editing by Will Dunham)
Price
|
Change
|
5d. change
|
Capi.
| ||
|---|---|---|---|---|---|
| 3.938 AED | +0.24% | +0.53% | - | ||
| 3.673 AED | +0.01% | +0.01% | - | ||
Son of Lebanese immigrants, Tom Barrack obtained a « Bachelor of art » from University of Southern California. He also attended a school of law at University of San Diego, where he was editor of the Journal of Law and in 1972 he got a PhD in law.
He worked for ten years with Bass family (RMBG), very rich Texan family. He was in charge to search industrial companies in crisis, in order to provide capitals and management. Before joining RMBG, Tom Barrack was President of Oxford Development Ventures, Inc. and Senior vice president of EF Hutton&Co. in New York.
He practiced international law until 1976. Then he started his own business. At begin Tom made his fortune, buying real estate when the price per square fell, and then bought portfolio of bad loans, and business in crisis.
In 1976, Barrack began his career as a real estate investor as President of Dunn International Corporation.
In 1991 he founded in Los Angeles Colony Capital, international real estate fund, he took the strategic and investment direction of company.
Colony Capital is supported by 120 institutional investors who have entrusted $536 billion. It can invest worldwide: offices, luxury hotels, casinos, bars, restaurant but also in vineyards, hypermarkets or football stadiums.
From Taipei to Las Vegas, from Paris to Tripoli, in the last fifteen years Colony Capital invested over $18.6 billion in 127 transactions, reporting an average annual yield more than 21%.
He was the 375th richest man in America, with a fortune of $1.1 billion, according by Forbes.
He is the owner of casinos in Atlantic City, in the Persian Gulf and Europe, in addition to luxury hotels, buildings and apartments.
| Linked companies | |
|---|---|
| Colony Advisors LLC | Chief Executive Officer |
| Colony Financial Manager LLC | Chief Executive Officer |
