Talke Stauss will also make sure to:

  • Ask said lover if he lives with his mom
  • Double-check to make sure the Bentley he drove her home in was in fact his, and not a rental while his 2003 Honda Accord was in the shop
  • Be a bit more skeptical of his alleged contacts in the Middle East, who required she transfer over 1 million dollars into his bank account before they would invest $1.5 billion in her (and her husband’s) hedge fund.

Company chief executive Talke Stauss, 46, was so in love with Rizwan Butt she believed he was the go-between for a potential $1.5 billion dollar investment into her hedge fund, it was alleged. She also had a series of business meetings with Butt at top London hotels The Dorchester and The Ritz – not realising the 45-year old bachelor had been living with his mother in a £56,000 inner city terraced house in Longsight, Manchester. During the two month scam Butt went on “a charm offensive” with his knowledge of finance, talk of introducing investors from the Middle East and of having a Swiss bank account, it was claimed. After one meeting he drove former semi professional tennis player Mrs Stauss back to her apartment in a Bentley and later professed his love for her. When he asked for a million dollars as a returnable “security deposit’ to clinch the deal, Mrs Stauss and her husband Roman, 44, agreed to transfer the money in sterling to Butt’s bank account without carrying out any checks on his background, a jury was told.

The alarm was raised after Eddie George a fellow director at ATG Investment Managers Ltd found out about the deposit and was so worried, he himself researched Butt to discover he in fact ran a cleaning company with net assets of just £657. Mrs Stauss realised she had been duped when she returned from a business trip she had enjoyed with Butt in Shanghai with a plan to leave her husband – only to be faced by Mr George insisting her lover was a fraud. When Mrs Stauss asked for the money back, Butt – who had flown home early – sent a text message saying: “Talke my dear. No problem my love. They should have it by five this evening. Take care love. Kisses.” Four weeks later when police caught up with Butt he was at the wheel of a black Audi Q7 carrying a wad of £1,000 in cash. He had recently bought a house for £175,000 and had a black Mercedes parked in the driveway. The Bentley turned out to be rented and before the scam he drove a 2003 Honda Accord. Before the alleged scam, Butt worked as a security guard, lived with his mother and had bought the house with a £30,000 deposit he borrowed from two friends.

For his part, Mr. Butt is claiming that his business contacts and back story are legit, that actually, this whole thing is ATG’s fault, and that he’ll think twice before trusting his heart to another temptress.

When arrested Butt claimed the deal fell through as ATG did not have a relevant trading licence. He denies fraud, false representation, transferring criminal property and money laundering.

Chief executive handed over £600k after being duped by lover, court hears [Telegraph]

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Comments (14)

  1. Posted by Beavis | December 4, 2013 at 1:54 PM

    Heheh he hehe… Mr. Butt… he heheh.

  2. Posted by guest | December 4, 2013 at 1:57 PM

    Honda Accords FTW!

    -you know who

  3. Posted by Guest | December 4, 2013 at 2:00 PM

    WHERE DO I SIGN UP TO INVEST!?

    - What everyone is clearly thinking

  4. Posted by Short, But Long | December 4, 2013 at 2:12 PM

    Does £1,000 really count as a wad? That's like 10, maaaaybe 20 actual paper bills. Now had they said it was a "Butt Wad" of cash, we'd be in business…

  5. Posted by MFIN Grad | December 4, 2013 at 2:13 PM

    2003 special edition or EX? Seriously doubt he had a V6 though

    - UBS 3rd year (top bucket)

  6. Posted by Shaz's beard | December 4, 2013 at 2:25 PM

    Bonus watch 2013:UBS – top-tier MDs receiving 2008-09 Civics clawed back from LIBOR scandal. Morale highest its been since 2006.

  7. Posted by 10 inches around | December 4, 2013 at 2:26 PM

    Wait, what?

    - guy who just realized the woman in the picture is actually the hedge fund manager

  8. Posted by Bored Guest | December 4, 2013 at 3:34 PM

    Yeah, my first thought was "who's the homeless woman?"

  9. Posted by guest | December 4, 2013 at 3:39 PM

    no, maybe. okay, yes.

  10. Posted by Guest | December 4, 2013 at 4:32 PM

    She was one of our best clients.

    -Meredith Whitney Advisory Group

  11. Posted by Prince of Nigeria | December 4, 2013 at 6:19 PM

    Anyone has her email ? There is some important communication that I need to send her. I'll take much smaller initial deposit to unlock those frozen assets at the foreign bank and it is 110% legit.

    – Prince of Nigeria

  12. Posted by UBS Legit Quant | December 4, 2013 at 7:08 PM

    Looks legit

    -Talke Strauss

  13. Posted by bruschettaboy | December 5, 2013 at 4:51 AM

    I hate to be the one to tell you that those £100 sterling notes you have been given are probably forgeries.

  14. Posted by BungaBungaSecurities | December 5, 2013 at 1:57 PM

    I'll spot you 20 of those £100 notes for just 10 of your £50's; do you see any disadvantages in that??

    Shake??