Share This Profile
Share this profile on Facebook.
Link to this profile on LinkedIn.
Tweet this profile on Twitter.
Email a link to this profile.
See other services through which you can share this profile.
This profile was last updated on 4/15/11  and contains information from public web pages.

Mr. Wolfgang Otto Stolzenberg

Wrong Wolfgang Otto Stolzenberg?
 
Background

Employment History

  • Owner
    Castor Holdings Ltd.
  • President and Chief Executive Officer
    Castor Holdings Ltd.
  • President, Chief Executive Officer and Chairman
    Castor Holdings Ltd.
Web References
A Quebec Superior Court judge has ruled that the auditors for a
www.canadianjusticereviewboard.ca, 15 April 2011 [cached]
Castor was the creation of German-Canadian businessman Wolfgang Stolzenberg,
...
Castor - the brainchild of German-Canadian entrepreneur Wolfgang Stolzenberg, who is now on the RCMP's wanted list for alleged fraud - left $1.6-billion in debts.
...
The warrant, issued last week, lists 41 criminal allegations against Wolfgang Stolzenberg, owner of Castor Holdings Ltd., a Montreal-based holding company and real estate lender.
...
Police are expected to announce that an international warrant is also being issued against Mr. Stolzenberg. The 59-year-old businessman is believed to be living in Darmstadt, Germany.
Stolzenberg was President ...
www.lexcanada.com [cached]
Stolzenberg was President and Chief Executive Officer of Castor Holdings Ltd.
Woods & Partners - Lexpress
www.litigationboutique.com, 28 May 2002 [cached]
The primary defendant in the English proceedings was Wolfgang Otto Stolzenberg, the president, chief executive officer and chairman of Castor Holdings Ltd.
...
Rather, they limited their contestation of jurisdiction to the allegation that the base Defendant, Mr. Stolzenberg, was no longer domiciled in England at the time Plaintiffs attempted to serve him with the action.
The English High Court found that Stolzenberg had been domiciled in London when the action was commenced, but sold his property in London during the three weeks following the issuance of the action and before the action was served at that address.
...
The Court held that the decision of the English Courts to exercise jurisdiction did not constitute res judicata on the question of jurisdiction, except to the extent that the English Court made a factual finding as to how service had been made upon Mr. Stolzenberg, and the conclusion that such service upon Mr. Stolzenberg conferred jurisdiction on the English Court.
In 2000, a warrant citing 41 ...
www.m-f-d.org, 6 Aug 2004 [cached]
In 2000, a warrant citing 41 criminal offences, was issued for the arrest of Castor Holding's owner, Wolfgang Stolzenberg. Stolzenberg fled to Germany just days before he was to be questioned by the bankruptcy trustee. Also wanted for questioning in connection with the Castor disaster was von Wersebe.
It seems that Stolzenberg took money from his investors and loaned it out to other companies which he controlled, didn't collect interest on the loans and grossly misstated Castor's financial picture to keep the investors blissfully ignorant and ensure that they kept their money flowing his way.
...
Creditors claim those loans had been made mainly to companies secretly controlled either directly or indirectly by Stolzenberg or Castor itself.
...
Another pattern developed as well: Based on Land Registry documents it appears that by the mid-1990's the hotel was as over-mortgaged as it had been in the 1980's when Karsten von Wersebe was running the show - with a little help from his pals Juerg Heer at the Rothschild Bank and Wolfgang Stolzenberg at Castor Holdings.
...
We're not suggesting that Wolfgang Stolzenberg and Karsten von Wersebe still have their fingers in the hotel, but just in case they do, we will add to our growing list of questions:
...
Is there a connection between Wolfgang Stolzenberg formerly of the wealthy Westmount area of Montreal and the Westmount Condos" - the condominiums that Joe Ieradi and whoever-is-backing-him plan to turn the hotel into if they have their way? (The name of the project has been the source of much speculation as there's nothing about the solidly working class neighbourhood in which the hotel is located that is reminiscent of Montreal's upper-crusty Westmount.)
...
Wolfgang Stolzenberg's methods were not unique. He wasn't the first guy to put pretend money on the books and he wasn't the last.
Flipside - 04/12/00 - ARREST WARRANT ISSUED FOR BUSINESS EXEC FOR COLOSSAL FRAUD STOLE HALF BILLION, INCLUDING $176 MILLION FROM CHRYSLER EMPLOYEE PENSION FUND
www.flipside.org, 18 Nov 1999 [cached]
The warrant, issued last week, lists 41 criminal allegations against Wolfgang Stolzenberg, owner of Castor Holdings Ltd., a Montreal-based holding company and real estate lender.
...
Police are expected to announce that an international warrant is also being issued against Mr. Stolzenberg.The 59-year-old businessman is believed to be living in Darmstadt, Germany.There is no extradition treaty between Canada and Germany.
Castor filed for bankruptcy in 1992 with more than $1.6-billion owing, mostly to pension funds and banks.
A civil case against Coopers & Lybrand, Castor's auditors, is continuing.In a series of related lawsuits, investors are seeking to recoup more than $1-billion, alleging that audited statements misrepresented the financial health of the company.
...
Noting that the 41 counts of fraud pertain only to Canadian firms, Haccoun said that "there is more to come" in the way of criminal charges against Stolzenberg, a former German banker with a penchant for pricey European cars and the high life of an international financier.
...
Montreal lawyer Leonard Flanz, whose firm represents 25 Canadian and European investors, yesterday welcomed the latest news about Stolzenberg.
...
Creditors claim those loans had been made mainly to companies secretly controlled either directly or indirectly by Stolzenberg or Castor itself.
Unpaid interest, creditors say, was capitalized on the books as increases in existing loans or new loans, making Castor look as though it was prospering even though it was really technically insolvent for the three years leading up to its bankruptcy.
...
Two of the 41 charges allege that Stolzenberg conspired to commit fraud with named and unnamed individuals.
...
From all reports, Stolzenberg cut the kind of establishment figure that could persuade sophisticated investors on both sides of the Atlantic to hand him hundreds of millions.
Tall and distinguished-looking, he made frequent flights to the centres of high finance in Europe in a $22-million private jet.
He knew the language and mores of the financial elite, and that allowed him to arrange loans from German, Swiss, Irish and Canadian banks, pension funds and other financial institutions, and from wealthy individuals in Germany, Switzerland and Italy.
Stolzenberg, a secretive workaholic, used a maze of numbered companies and offshore tax havens such as Curacao and Cyprus to build the empire he controlled from Castor's head office on McGill College Ave.
But Stolzenberg's fall from grace came quickly after Castor suddenly declared bankruptcy in 1992.Creditors seized more than $10 million in personal and business assets in 1992.Those assets included his Westmount mansion, three downtown penthouses, a Mercedes-Benz sedan and a Porsche Turbo sports car.Stolzenberg also maintained homes in London and the U.S. at the time.
The Swiss bank that was financing his jet quickly grounded Stolzenberg by repossessing the aircraft, a move that drew a furious response from the financier.
Bankruptcy trustees found empty filing cabinets when they entered Castor's offices in the wake of the bankruptcy, and in a 1992 lawsuit, trustee Richter & Partners sued Stolzenberg for $25 million, alleging he made several lucrative and illegal transactions for personal gain in the months before the bankruptcy.
With files from CP, The Montreal Gazette, and the Globe and Mail
Flipside Alternative DailyFull Graphics Version (Home)
Support Flipside/Donations
Other People with the name "Stolzenberg":
Accelerate your business with the industry's most comprehensive profiles on business people and companies.
Find business contacts by city, industry and title. Our B2B directory has just-verified and in-depth profiles, plus the market's top tools for searching, targeting and tracking.
Atlanta | Boston | Chicago | Houston | Los Angeles | New York
Browse ZoomInfo's business people directory. Our professional profiles include verified contact information, biography, work history, affiliations and more.
Browse ZoomInfo's company directory. Our company profiles include corporate background information, detailed descriptions, and links to comprehensive employee profiles with verified contact information.
zirhbt201304