Howard Fensterman Adopts Role as Passionate “Fraud Crusader”… A Cautionary Tale About
Investing In the U.A.E.
New York Lawyer, Businessman and Investor Fights for Return of
Lawsuit Alleges Money Was Stolen By Highly Placed Officials Affiliated with the Royal Family in the
United Arab Emirates (U.A.E.)
As often as he can, and to as many audiences as he can reach, Howard Fensterman today unleashes the same solemn oath he took on the day he learned that his personal investment and that of his family, law partners and long time business associates, $18 million, was stolen from a bank in Dubai at the hands of high ranking officials affiliated with the ruling family of the U.A.E
With the anger of an honorable businessman grievously wronged, Fensterman promises to use every means at his disposal to fight this fraud and the ensuing injustice that has been leveled against these 36 citizens of the United States of America.
According to Fensterman, it is one thing when a business investment fails because the idea simply does not prove worthy in the marketplace. But for this seasoned and savvy investor, who enjoys a reputation for spotting and doing dozens of “deals” that have earned handsome returns to hundreds of investors over the past twenty years, losing money through the criminal acts of a few is more than he can take: especially when the criminality is, at the very least, ignored by the Royal Family and when those who stole the money enjoy the protection of the government of the U.A.E.
In the face of aggressive U.A.E. marketing and advertising in the U.S. urging American businesses and individuals to invest in the U.A.E., Fensterman feels passionately that he must alert and protect investors regarding elaborate frauds such as the one perpetrated on him and his fellow investors.
The investment idea was sound: at the invitation of highly placed individuals affiliated with the Royal Family of Abu Dhabi, the investors established the first insurance brokerage in the U.A. E. that was to offer concierge-type service. Additionally, these same individuals encouraged the establishment of a public insurance underwriting firm. Both entities were to be under the American Gulf Insurance, LLC (AGI) banner.
This group of U.S. investors had reason to be encouraged. During the two years that licenses were filed for and various approvals were being sought, management of AGI received numerous written and verbal communiqués from those individuals affiliated with the Royals. Repeatedly, AGI’s team in Dubai received the highest praise and effusive commendations for their strategy, their professionalism and their persistence.
But just after the final tranche of investors’ capital was sent to the bank in the U.A.E., money that was required by U.A.E. law in order to take the underwriting firm public, the wheels came off the wagon. AGI’s on the ground management discovered that the investors’ money was not in the bank, as “official” documents indicated it was, and they were denied access to their account due to a forgery and the switching of bank signature cards.
According to the recent lawsuit filed by AGI in Florida State Court, the investor’s money was drained from a U.A.E bank over a period of time and through a series of elegant manipulations, forgeries and the creation of falsified bank statements.
Neither the U.S. Ambassador in the U.A.E., three members of the United States Congress, including Congressman Gary Ackerman, who heads up the House sub-committee on the Middle East have been able to get the $18 million back or are able to shed light on what exactly happened or what will be done to get the money back. In fact, the U.A.E.’s Ambassador refused an invitation to meet with Congressman Ackerman and the investors.
Since the beginning of 2010, Fensterman has spent approximately $300,000 of his money investigating this fraud, prosecuting its remedy and dealing with other consequences of this fraud. He made trips to the U.A.E., met with the U.S. Ambassador to the U.A.E. and members of the U.S. Congress, AGI filed legal proceedings, appealed in writing to Secretary of State, Hillary Clinton, and hired an internationally renowned private investigator, who was a former CIA official.
Fueled by an uncommon level of frustration, concern for the 36 investors and a sense of responsibility to do whatever he can to get those responsible to return the investors’ money and to protect any other U.S. investors who might be induced into investing in the U.A.E., Howard Fensterman has taken his battle to the world-wide web.
In a move that is believed to be unprecedented, Fensterman has developed a powerful website (www.investinuaefraud.com) to attract and alert investors and international business leaders who are contemplating investing in the U.A.E. Fensterman’s goal is to have his cautionary tale migrate to the top of popular search engine sites so that others do not fall victim to the same fraud he and his investors did.
As Fensterman sees it, never before has anyone sought to take advantage of “social media” communications channels in this manner. Fensterman is determined to do just that: waging an aggressive and relentless campaign to call attention to a pattern of persistent and insidious fraud on the part of high ranking officials of the U.A.E. government.