Hedge-fund mogul Paul Singer is looking to strike gold in Nevada — Argentina gold.
The billionaire investor will sift through the financial records of 123 Nevada shell companies tied to an Buenos Aires businessman in search of $65 million in Argentine assets.
A federal judge this week gave Singer permission to undertake the search after the Elliott Management founder presented evidence before the court that the businessman, Lázaro Báez, was being probed in Argentina for allegedly embezzling the cash and hiding it in the shell companies.
Singer has been trying for more than 10 years to collect on billions that US courts have ruled Argentina owes him — but so far has had little luck getting his hands on any of the booty.
Last month, the country defaulted on $15 billion in debt held by others rather than pay him and a small group of investors the $1.65 billion they are owed.
As a result, Singer has had “to travel the globe in search of property owned by Argentina,” Nevada judge Cam Ferenbach said in approving Singer’s request to search the Nevada companies.
For example, Singer had the government of Ghana seize an Argentine naval frigate in an attempt to collect on what he is owed — but the ship was later released and Singer went home empty-handed.
The investigation’s lead prosecutor, José María Campagnoli, found that Báez laundered $65 million through the Nevada corporations, according to the court order.
The link between Baez and the Nevada firms has not yet been proved in Argentina, but the companies have the same offshore corporate director as those mentioned in the Argentina probe.