Manafort Allegedly Spent $12M From Foreign Accounts On Personal Luxuries
By SAM THIELMAN Published OCTOBER 30, 2017 12:52 PM
Paul Manafort financed a lavish lifestyle with money laundered through offshore accounts, with expenditures including more than $1.3 million in purchases at Beverly Hills and New York clothing stores and more than $1 million on antique rugs, according to a federal indictment unsealed Monday.
The 12-count indictment against Manafort and his business partner Rick Gates charges that more than $75 million “flowed through” those offshore accounts. It alleges Manafort took $18 million through the accounts, while Gates is accused of transferring $3 million from those accounts to ones he controlled.
The bulk of Manafort’s alleged years-long spending spree took the form of $12 million in untaxed money he spent on luxury items and home improvements. The indictment spells out how Manafort would have one of his 15 offshore accounts—12 in Cyprus, two in St. Vincent and the Grenadines and one in the United Kingdom—wire in cash to each vendor for his purchases.
The list of Manafort’s lavish expenditures from his offshore accounts runs across eight of the indictment’s 31 pages. More than $5.4 million went to a “home improvement company” in the Hamptons from a mix of Cypriot entities, notably LOAV Advisors and Yiakora Ventures (An NBC News story about the Manafort’s debts to Russian oligarch and Putin confidant Oleg Deripaska said Manafort’s other companies were a primary influence over Yiakura’s business dealings).
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