Billionaire’s Biz Manager: HE’S the Cheat—and Not a Billionaire
Days after being sued for fraud by hedge fund titan John Paulson, the billionaire’s business manager hit back with a suit of his own, claiming his famous boss cheated him out of nearly $300 million—and isn’t actually worth billions.
Paulson, famous for shorting the real estate market in 2007, sued former partner Fahad Ghaffar this week for allegedly defrauding him out of $200 million while overseeing his international hotels and real estate holdings.
In his own complaint, Ghaffar claims that Paulson—whose net worth is estimated at $3.5 billion by Forbes—recently suffered losses that brought his net worth to less than $500 million. When Paulson learned that his companies owed Ghaffar hundreds of millions for his work on the hotels, the suit claims, he devised a false reason to end their contract and deny Ghaffar his earnings.