‘Billionaire Boys’ Play For Highest Stakes (Press, 16 December 1986)
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Summary: ‘Billionaire Boys’ Play For Highest Stakes (Press, 16 December 1986)
The "Billionaire Boys Club," consisting of affluent youths from prominent families in California, is at the centre of a sensational legal case involving allegations of murder, kidnapping, extortion, grand theft, and stock fraud. Founded in 1982, the club, led by 27-year-old Joe Hunt, attracted members through promises of wealth based on Hunt's supposed expertise in commodity trading and a troubling philosophical framework that blurred the lines between good and evil. Hunt exercised a charismatic influence over his fellow members, many of whom were graduates of the Harvard School in Los Angeles. With financial backing from wealthy parents, the club engaged in high-stakes investments but soon fell under scrutiny by California prosecutors. The Securities and Exchange Commission revealed that Hunt had allegedly misappropriated funds, using new investors' money to pay dividends to earlier investors, amounting to $3.2 million in losses for around 80 shareholders. In the midst of financial difficulties, Hunt's violent methods escalated. Tensions peaked with investor Ronald Levin, who was accused by Hunt of cheating him out of $8 million. In a shocking turn, Hunt and a bodyguard reportedly forced Levin at gunpoint to sign a $3 million cheque before the bodyguard killed Levin. His body has never been found, but witnesses allege that Hunt boasted about the murder afterward. Adding to the grim saga, Hunt and other members allegedly kidnapped wealthy Iranian investor Heyadat Eslaminia, with plans to extort significant family assets. However, the victim died during the abduction, leading to further criminal charges against Hunt and other members. This complex and disturbing case is expected to unfold in court over several months. Evidence presented in court includes a chilling checklist found in Levin's home, allegedly written by Hunt, detailing steps to execute the kidnapping and murder. The investigation and subsequent trials have piqued public interest, with Hollywood producers reportedly vying to adapt the harrowing story into a film. However, they have yet to meet Hunt's hefty asking price of $3 million for rights to his story. The legal proceedings promise to reveal more about the shocking lifestyle and culture of the "Billionaire Boys Club" and its members.
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