Millionaire facing US investment fraud suit is Malta’s newest citizen
William Erbey was forced to resign chairmanship of US mortgage giant Ocwen over serious conflicts of interest related to foreclosures on homeowners
- Super-rich can now buy a passport and EU citizenship from Malta
- Will be charged €650,000 ($730,000 USD) but won’t have to live in country
One of the multi-millionaires lining up for a Maltese passport has run into trouble back in the United States, having to face a securities fraud lawsuit.
William Charles Erbey was a billionaire worth $2.5 billion and a regular in Forbes’ list of the global rich, but his worth was drastically reduced to ‘just’ over $400 million when his mortgage giant Ocwen Financial was found responsible for serious conflicts in the way it carried out its business.
But far from the ‘talent’ that Prime Minister Joseph Muscat shills for in his international roadshows with Henley & Partners flogging off Malta’s golden €650,000 passport, William Erbey is accused by critics of having built an empire on mortgage misery, and who saves tax by sheltering his companies in the Virgin Islands, Luxembourg and the Caymans.