Chinese Billionaire Ng Lap Seng Convicted of Bribing UN Officials, Thomas Cohen Joins Barry Slatt

Mensch:

Noun. A decent, upright, mature and responsible person.

Schlemiel:

Noun, slang. An awkward, clumsy, or unlucky person whose endeavors tend to fail. A loser.

Mensch of the Week:

Thomas Cohen, SVP Barry Slatt Mortgage

Thsi week, Barry Slatt Mortgage appointed a new senior vice president at its San Diego office. Thomas Cohen, a 20-year veteran in the mortgage banking industry, has joined the firm as senior vice president.

Cohen specialties include the palcement of debt as well as the procurement of equity for commercial real estate. He also has a record with structuring debt for more complex transactions including project-based, Section 8 HAP contracts, tax-exempt bonds, TIF projects and more.

Of his new company, Cohen commented:

“Barry Slatt Mortgage has both an excellent reputation and finance platform, which provide a fantastic opportunity for me to make the most of my relationship and experience. I am honored to join their San Diego team.”

Barry Slatt Mortgage’s CEO Daniel Friedeberg remarked: “Thomas’ track record of building relationship with both borrowers and lenders makes him an ideal addition to our Barry Slatt Mortgage platform.”

The 45-year-old company is continuing to grow. In December, the firm announced the addition of two industry experts, Kenneth M. Fox and Paul Schroeder, as Principals in its new San Francisco office.

Schlemiel of the Week: 

Ng Lap Seng, Chinese Billionaire Convicted of Bribing UN Officials

Last week, Chinese billionaire  and real estate developer Ng Lap Seng was convicted for paying bribes to United States Officials. Ng, known to be one of the richest men in China, was convicted on six counts after bribing two UN ambassadors. One of those two UN ambassadors includes General Assembly President John Ashe. Yikes.

Ng’s goal of the bribery? For officials to support a multi-billion dollar conference center he planned to build in Macau.

Unfortunately, Ashe was unable to testify at the trial, as he died after a barbell fell on his neck while he was working on his Westchester home in June. Instead, Francis Lroenzo, former UN ambassador to the Dominican Republic, was asked to give a testimony.

According to the New York Post, Ashe was accused of accepting a mere $500,000 from Ng. Where did the cash go to? A brand new basketball court outside of Ashe’s home, Rolex watches, a BMW X5 and more, of course.

Manhattan US Attorney Joon Kim commented:

“If you bring corruption to New York – whether to the State Capitol in Albany or to the halls of the U.N. General Assembly  – your journey may very well end in a Manhattan federal courtroom, with a unanimous jury announcing your guilt.”

Well said. As for Ng, age 69, he faces up to 65 years in prison for the charges of bribery, money laundering, and corruption. Guess that conference center in Macau is a no-go.