A former Credit Suisse banker’s wealth firm is closing down after soured investments left him saddled with debt in a rapid downfall for one of London’s feted money managers.
Francis Menassa’s JAR Capital, a wealth manager for rich individuals and families, was recently ordered by a court to wind up operations due to unpaid debts, partly resulting from problematic bets on crypto and leisure assets along with a failed bid to buy a bank, according to registry filings.
A holding company for the onetime banker’s investments — including London-based JAR — owed about £8.8 million ($11 million) to unsecured creditors through late April, the filings show.
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