Sir Anthony Ritossa claimed to be the heir to a 600-year-old European olive oil fortune and a maestro of “family wealth.” adam_ciralsky’s new investigation reveals the dark origins of a world-class con man.
announcement of Ritossa’s first marriage—to the former Jocelyn Ring—there is no mention of olive oil, a family office, or a fortune. Instead, Ritossa, then 33, was described as “a broker at Morgan Stanley in New York who develops trading strategies for hedge funds,” and whose father had “retired as a residential property developer in Sydney.” As for Ritossa’s studies, thenoted that he “graduated from the University of Newcastle in Australia and received an M.B.A.
Thus, the man whose family office narrative is literally rooted in the roots of Istrian olive trees appears to have been more of an olive oil robber than robber baron. On Saturday night, October 13, Sandra Ritossa entered the Pelham Manor police station to report aggravated harassment and “fearing for her personal and children’s safety,” according to official records. She gave a statement and told officers about Judge Horowitz’s order, which had yet to be served because her husband remained abroad.
His daughters were losing their home. Their mother was drowning in debt. But Ritossa was busy building a new life with a manufactured persona. This image overhaul may or may not have been possible, however, without His Highness Mahmoud Salah-Al-Din Assaf, a man whom Middle Eastern royal watchers refer to as a “milk sheikh,” someone who may have exaggerated or even created his honorific.
The Ritossa summits—according to a well-wired American intelligence veteran who took a hard look—have the hallmarks of what is known as a “stargaze” con. As my source explained, apropos of the Ritossa model: Potential marks are wooed by the swank settings and glittering names on the invite list. They suspend disbelief and shell out hefty sums to mingle with, and pitch, an audience of several hundred “from 55+ countries representing more than $4.5 trillion in wealth.
Such arrangements, according to attorneys and wealth managers, are the sort that might raise eyebrows among regulators since they may constitute broker-dealer activity—which requires a license in some, if not all, of the countries where Ritossa has held his summits. There are other rules and regulations too. “In Monaco…you cannot sell or promote a company or give financial advice without a license from Monaco’s version of the SEC,” explained Giuseppe Ambrosio. “Ritossa sells pitches.
The splashiest deal to ever come out of the Ritossa event? That would involve a blockchain company called Chainstarter. Its CEO is a crypto gadfly named Nick Ayton who told an interviewer, “Chainstarter is proud to be a sponsor for our good friend and host Anthony Ritossa. His summits are the best of the best in a perfect setting. During his recent summit we achieved $360 million of investments.”
I stopped outside the Ritossa family’s homestead in Poreč and indeed saw a few olive trees. But the boughs of those four or five specimens, on a rocky outcropping by the Adriatic, were scarcely the stuff on which fortunes are made.
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