Astor family name ‘used to dupe businessman in $416m loan scam'
The name of the Astor family, whose scions include the proprietor of The Times between 1922 and 1966, resonates with wealth, influence and impeccable establishment credentials.
That very reputation appears to have been used by an alleged fraudster to deprive a Mexican billionaire of more than $416 million in shares, according to extraordinary allegations made in courts in Britain and Monaco.
The case stems from when a business called Astor Asset Management 3 offered to lend Ricardo Salinas $113.8 million. The tycoon, who believed the company was 'owned by the wealthy Astor family', agreed to offer up $416.3 million in shares of his company Grupo Elektra as collateral.
Salinas's executives were told they would be discussing the deal with Thomas Mellon, who was described in
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