Harris County State District Judge Chip Wells is set to rule this week on the high stakes divorce battle involving eccentric Houston billionaire Ed Bosarge.
Attorneys for Marie Bosarge claim the billionaire owns mansions, yachts and even a Bahamian Island but is trying to leave her penniless after their 30 years of marriage. One of their Houston mansions was originally put on the market for $43 billion.
Ed and Marie Bosarge had only one house and faced foreclosure when they got married. They amassed a fortune during their decades-long marriage. Experts say Bosarge may have $2.3 billion in secretive South Dakota trusts created to cheat his wife.
Her lawyer says that fraudulent scheme even included trying to hide in the trust a 43-carat diamond necklace he gave Marie for Christmas.
Wells hasn’t ruled whether the divorce case will go to a jury, but when Ed Bosarge’s lawyers suggested the judge had no choice but to end the lawsuit, Wells exploded from the bench.
“I don’t think the laws of South Dakota frees him of an obligation he made when he got married,” Judge Wells angrily told Ed Bosarge’s lawyers. “Scheme may be the key word. Play this game. Fraud on the community estate. I promise you it’s not going to go well. I don’t have to tolerate your disrespect.”
Attorney Bucky Allshouse says if Ed Bosarge gets away with his plan then no wife would be safe.
“I want him to be fair. You know, we made our money in Houston. It’s community property. It’s fifty-fifty. I want what’s fair,” said Marie Bosarge.
A family court showdown in Houston on Tuesday, January 28th, 2020 involves the attempt of Ed Bosarge, one of Houston’s richest men, to hide billions of dollars from his wife of 30 years.
The big question for court observers is: Will Ed Bosarge dare to show up in Harris County Family Court?
The 81-year-old Ed Bosarge is accused of vast amounts of fraud by his spouse – a sophisticated effort to hide his mansions, superyachts and private Bahamian Island in secretive trust accounts in South Dakota. The state has become famous as a place for the super wealthy to hide their assets.
During the 2:00 p.m. court hearing, lawyers for Ed Bosarge will ask 312th District Court Judge Chip Wells to throw out the fraud claims. The billionaire’s wife, Marie Bosarge, claims the Medical Center pioneer and famed mathematician started having an affair with his Russian girlfriend who is nearly 47 years younger, and then systematically moved assets to what Marie calls “sham” accounts before trying to end the marriage.
One of the Bosarge mansions was called the most expensive house in Houston by the Houston Chronicle.
“It’s very disappointing. It’s sad,” said Marie Bosarge when questioned by Dolcefino Consulting. “We’ve been married thirty years and he is trying to take everything from me and leave me homeless basically.”
Ed Bosarge is no stranger to allegations of fraud. The Houston entrepreneur was charged decades ago by the Securities and Exchange Commission for securities fraud and market manipulation, and former business partners at Houston trading firm Quantlab filed lawsuits claiming that Bosarge pulled off a “tyrannical coup.” Ed Bosarge lawyers have refused to comment.
The court hearing is set for Tuesday, January 28, 2020 at 2:00 p.m. in Judge Chip Wells’ courtroom, the 312th District Court on the 16th floor of the Harris County Civil Courthouse.
The 81-year old mathematician helped pioneer groundbreaking work in the Houston Medical Center and is trying to divorce his wife of 30 years and leave her homeless.
Ed Bosarge owns mansions across the world, at least two yachts, and an island in the Caribbean called Over Yonder Cay. He profiles his self-proclaimed visionary work on www.edbosarge.com.
When his largest palacial home on Carnovan was put on the market the Houston Chronicle profiled it as the most expensive mansion in Houston at $42 million dollars.
Bosarge has amassed a multi-billion-dollar fortune despite allegations of fraud along the way. In the early 1980’s the Securities and Exchange Commission charged Bosarge with securities fraud and market manipulation. The case was settled. Former business partners have accused Bosarge of a “tyrannical coup” in a legal fight over Houston based Quantlab, called one of the world’s most secretive and profitable high frequency trading companies. Bosarge is also now deeply invested in stem cell technology.
But it may be his divorce case that raises the most troubling questions about Ed Bosarge.
Court filings claim the Houston billionaire has a young Russian girlfriend – an affair that purportedly started long before the divorce was ever filed. Lawyers for Marie Bosarge claim Ed Bosarge systematically moved assets into South Dakota trusts as part of a scheme to keep the assets from his thirty-year marriage for himself. The Guardian newspaper recently profiled how the mega-rich use South Dakota trust laws to protect and hide their money. Marie’s lawyers say the “sham” trusts were set up to hide his money from his long-time spouse.
“We’ve been married thirty years and he is trying to take everything from me and leave me homeless basically,” Marie Bosarge told Dolcefino Consulting when we saw her outside a Galleria restaurant, “I just want what’s fair.”
Tuesday morning, lawyers for Ed Bosarge will ask Judge Chip Wells of the 312th District Court to dismiss Marie’s claims that Ed is trying to cheat her.
Will the billionaire show up to face his wife? Stay tuned.