Francis Menassa, former banker at Credit Suisse and Merrill Lynch, is now facing personal bankruptcy following a series of unsuccessful investments. His assets have been frozen under a court order and his holding company, JAR Financial Management, is in debt of nearly £10 million ($12.1 million) to more than a dozen creditors as of late April.
Menassa, who also established the asset management firm JAR Capital, had his shareholder's loan account overdrawn by approximately £950,000. The firm, which was based in London’s Mayfair district and managed over $1 billion across wealth and asset-management divisions, was ordered to close by the court in October.
The financial troubles Menassa faces are linked to his investments in several ventures. These include The Wave, a UK inland-surfing venture; BlockEx, a crypto trading platform; and an unsuccessful attempt to acquire an unnamed Gibraltar bank.
This series of events marks a significant setback for Menassa, who was once a respected figure in the banking sector and co-managed Plumiri Wealth. The recent developments represent a stark contrast to his previous standing, exemplifying a dramatic fall from grace in the financial world.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.