What’s A Little Toying With The Life And Emotions Of A Disgraced Trader If It Helps You Stick It To Your Neighbor Louis Bacon?

...Canadian businessman Peter Nygard once asked himself.
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By Toglenn (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons

via Wikimedia Commons

Julian Rifat probably thought things couldn’t get any worse for him after 18 cops stormed his house, woke his kids up and frisked them, and then arrested the Moore Capital Management execution trader for insider-trading. And maybe they didn’t. But they certainly got a lot weirder.

One night that spring in 2010, Mr. Rifat was contacted by a Moore security official, who asked him to come to a deserted gas station near Hyde Park, according to people familiar with the matter.

Once there, Mr. Rifat was told to get into the passenger seat of a blue Peugeot. The seat was reclined, and he couldn’t be seen from the outside. Driving in circles, the man asked Mr. Rifat what he had told authorities while in custody, the people said. Mr. Rifat replied that he had shared nothing.

And then weirder still, once a certain Canadian fashion magnate and Bahamian neighbor of Moore founder Louis Bacon saw his name pop up in his Google alerts and offered him a walk-on role in the most amazing neighborly feud in history.

A few days after Mr. Rifat was charged, his lawyer, Mr. Davies, got a phone call from Omnia lawyer Roxana Pierce. She floated the idea of Mr. Rifat working for a client she described only as a fashion-industry billionaire, Mr. Davies said….

There was little talk of Mr. Rifat’s investment ideas. Mr. Prober told Mr. Rifat that if he provided useful information to U.S. officials about wrongdoing at Moore Capital, it might help persuade British authorities to drop charges against him or impose a lighter sentence if he pleaded guilty, according to Mr. Prober. They discussed paying Mr. Rifat for his time….

In a written statement provided by his lawyers, Mr. Rifat said his conversations have been mischaracterized. He said he was misled by people “who seemingly have something to gain from advancing an account which is neither accurate nor balanced. I deny that Louis Bacon and/or Moore Capital engaged in unlawful activity, or that I provided anyone with any evidence of their having done so.”

The Billionaires’ Pawn [WSJ]

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