World Library  
Flag as Inappropriate
Email this Article

Jesse Bogdonoff

Article Id: WHEBN0003561409
Reproduction Date:

Title: Jesse Bogdonoff  
Author: World Heritage Encyclopedia
Language: English
Subject: Jester, Economy of Tonga, Jesters, Tāufaʻāhau Tupou IV, Tonga
Collection: 1955 Births, Economy of Tonga, Jesters, Living People
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Jesse Bogdonoff

Jesse Bogdonoff
Born (1955-04-01) April 1, 1955
Nationality American
Citizenship United States
Occupation Financial Adviser
Employer Bank of America
Known for Financial Scandal

Jesse Bogdonoff (born April 1, 1955), was a Bank of America financial advisor to the government of Tonga and court jester of Taufa'ahau Tupou IV, the king of Tonga. He was embroiled in a financial scandal.[1]

Contents

  • Scandal 1
  • Post Scandal Life 2
  • Jester 3
  • References 4

Scandal

Bogdonoff made headlines in 2001 and 2002 after being accused of mismanaging millions of dollars from the nation of Tonga. He had been the Tongan government's financial advisor since 1994, claiming to have made the government millions in the rising stock markets of the booming 1990s. Bogdonoff managed the Tonga Trust Fund after it had been funded by the Tongan government in 1986 in a scheme in which the Tongan government sold passports to frightened Hong Kong nationals who were unnerved by the 1997 expiration of the British lease on Hong Kong from China.

In 1999 Bogdonoff recommended moving the Tongan portfolio out of the bulging stock market bubble and into a pool of insurance backed investments called viatical contracts managed by the Millennium Asset Management Company. In 2001 he learned that Herchell Hyatt, the owner of Millennium Asset Management Company, had stolen millions of Tonga's money and filed false accounting statements for the Tonga account. Bogdonoff arranged a recovery program for Tonga backed by Lloyd's of London to protect against the losses.

The Tongan government became paralyzed in an internal political debate led by the Tongan democracy movement in its effort to gain ground by embarrassing the royal family, which dismissed the only senior government ministers who were attempting to implement the recovery plan to save the Tonga Trust Fund. Without the recovery plan the Tonga Trust Fund was effectively wiped out. The government proceeded to sue Bogdonoff and all the parties involved in the transaction for fraud and negligence.

Without admitting guilt of any fraud, Bogdonoff settled his part of the lawsuit in 2004.

Post Scandal Life

As of 2006, Bogdonoff has not been to Tonga since 2004 due to his history there. He was not present during King Taufa'ahau Tupou IV's funeral in September, 2006. Bogdonoff claims he is concerned for his safety due to the large number of Tongan citizens who have settled in the United States. He now offers classes in hypnosis and is a clinical therapist using hypnosis to aid in recovery from post traumatic stress. [2] As of 2006, now called Jesse Dean, he is the founder and sole practitioner of the Open Window Institute of Emotional Freedom in Sonoma County, California.[3]

Jester

Bogdonoff's status as official court jester of Tupou's court made sensational news copy when the financial scandal hit the media in 2001. Tonga was the first royal court to appoint a court jester in modern times, being appointed in 1999.[4]

References

  1. ^ "Tongan court jester faces trial". BBC News. 11 August 2003. 
  2. ^ Gibson, Joel (23 September 2006). "Tongas court jester finds a new role". The Age (Melbourne). Retrieved 22 June 2012. 
  3. ^ Gibson, Joel (23 September 2006). "Tonga's court jester finds a new role". The Age (Melbourne). 
  4. ^ http://www.thenoodlebowl.com/jesters/images/reality/jddecree.jpg
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 



Copyright © World Library Foundation. All rights reserved. eBooks from World eBook Library are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.