Jesse Bogdonoff

Last updated
Jesse Bogdonoff
Born (1955-04-01) April 1, 1955 (age 68)
NationalityAmerican
CitizenshipUnited States
OccupationFinancial adviser
Employer Bank of America
Known forFinancial scandal

Jesse Bogdonoff (born April 1, 1955) is a former Bank of America financial advisor to the government of Tonga and court jester of Taufa'ahau Tupou IV, the king of Tonga. He was embroiled in a financial scandal. [1]

Contents

Scandal

Bogdonoff made headlines in 2001 and 2002 after being accused of mismanaging millions of dollars from the nation of Tonga. He had been the Tongan government's financial advisor since 1994, claiming to have made the government millions in the rising stock markets of the booming 1990s. Bogdonoff managed the Tonga Trust Fund after it had been funded by the Tongan government in 1986 in a scheme in which the Tongan government sold passports to frightened Hong Kong nationals who were unnerved by the 1997 expiration of the British lease on Hong Kong from China. [2]

In 1999, Bogdonoff recommended moving the Tongan portfolio out of the bulging stock market bubble and into a pool of insurance backed investments called viatical contracts managed by the Millennium Asset Management Company. [3] [4] In 2001, he learned that Herchell Hyatt, the owner of Millennium Asset Management Company, had stolen millions of Tonga's money and filed false accounting statements for the Tonga account. Bogdonoff arranged a recovery program for Tonga backed by Lloyd's of London to protect against the losses.

The Tongan government became paralyzed in an internal political debate led by the Tongan democracy movement in its effort to gain ground by embarrassing the royal family. The deputy prime minister and education minister resigned, and there were calls to impeach other ministers. [2] The Tonga Trust Fund was effectively wiped out. The government proceeded to sue Bogdonoff and all the parties involved in the transaction for fraud and negligence. [5] Without admitting guilt of any fraud, Bogdonoff settled his part of the lawsuit in 2004. [6]

Post-scandal life

As of 2006, Bogdonoff has not been to Tonga since 2004 due to his history there. He was not present during King Taufa'ahau Tupou IV's funeral in September 2006. Bogdonoff claimed he was concerned for his safety due to the large number of Tongan citizens who have settled in the United States. He now offers classes in hypnosis and is a clinical therapist using hypnosis to aid in recovery from post traumatic stress. [7] As of 2006, now called Jesse Dean, he is the founder and sole practitioner of the Open Window Institute of Emotional Freedom in Sonoma County, California. [7]

In 2009, the scandal was turned into a play by writer Joseph Silovsky. [8]

Jester

Bogdonoff's status as official court jester of Tupou's court made sensational news when the financial scandal hit the media in 2001. Tonga was the first royal court to appoint a court jester in modern times, being appointed in 1999. [9] [2]

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References

  1. ↑ "Tongan court jester faces trial". BBC News. 11 August 2003.
  2. 1 2 3 "Tonga's 'court jester' scandal no laughing matter". CNN. 3 October 2001. Retrieved 16 July 2023.
  3. ↑ "The Money Is All Gone in Tonga, And the Jester's Role Was No Joke". New York Times. 7 October 2001. Retrieved 16 July 2023.
  4. ↑ "Tonga Is Not Amused". Los Angeles Times. 10 July 2002. Retrieved 16 July 2023.
  5. ↑ "Trial of former Tongan court jester set down for March next year". RNZ. 11 August 2003. Retrieved 16 July 2023.
  6. ↑ "Court jester settles in passports case, but Tonga is not laughing". South China Morning Post. 20 February 2004. Retrieved 16 July 2023.
  7. 1 2 Gibson, Joel (23 September 2006). "Tonga's court jester finds a new role". The Age. Melbourne. Retrieved 24 May 2021.
  8. ↑ "Tonga's court jester becomes play (+vid)". Stuff. 1 March 2009. Retrieved 16 July 2023.
  9. ↑ "Archived copy". Archived from the original on 2012-11-06. Retrieved 2008-01-28.{{cite web}}: CS1 maint: archived copy as title (link)
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