The Jester’s Last Laugh
This is a story that I couldn’t even make up. Somehow, a former Bank of America employee was able to befriend Taufa’ahau Tupou IV, the King of Tonga. He did so by convincing the King to move his countries funds from a low-interest checking account and allow him to invest it in a series of risky investments. But besides being put in charge of the countries funds, Jesse Bogdonoff convinced the king to appoint him as Tonga’s Court Jester.
The Jester and his company Wellness Technologies then recommended the investment of $24.5 million in three companies: a Nevada-based purchaser of life insurance polices (now dissolved), an energy start-up (now struggling) and a dot.com (in Chapter 11 bankruptcy). The Tongan’s are now suing Bogdonoff for $26.5 million plus punitive damage.
A note to King Taufa’ahau: if your Court Jester doubles as a Royal Investment Advisor… warning. And if you are looking for a new Court Jester, I am available, and I cost a lot less then $24.5 million.
This is a story that I couldn’t even make up. Somehow, a former Bank of America employee was able to befriend Taufa’ahau Tupou IV, the King of Tonga. He did so by convincing the King to move his countries funds from a low-interest checking account and allow him to invest it in a series of risky investments. But besides being put in charge of the countries funds, Jesse Bogdonoff convinced the king to appoint him as Tonga’s Court Jester.
The Jester and his company Wellness Technologies then recommended the investment of $24.5 million in three companies: a Nevada-based purchaser of life insurance polices (now dissolved), an energy start-up (now struggling) and a dot.com (in Chapter 11 bankruptcy). The Tongan’s are now suing Bogdonoff for $26.5 million plus punitive damage.
A note to King Taufa’ahau: if your Court Jester doubles as a Royal Investment Advisor… warning. And if you are looking for a new Court Jester, I am available, and I cost a lot less then $24.5 million.
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