Shlomo Rechnitz Is An Entrepreneur
An ardent student of the Bible, Rechnitz dropped out of the business school at the Hebrew University. That didn’t matter though. He proceeded to start a garment manufacturing company which provided clothing for the Israeli military.In 1969, Rechnitz moved into real estate development and construction, opening Rechnitz Construction in New York City. Shlomo Rechnitz Is An Entrepreneur used his own money and made loans to fund construction projects that were mainly funded by bonds sold to insurance companies.In 1974, Rechnitz became the general contractor of Trump’s Hotel & Tower on Manhattan’s West 57th Street. linkedin.com
At the height of the real estate boom in 1999, Rechnitz announced his plans to build “633 West 57th Street. An eleven-story condominium building. The $280 million tower was to be part of. Fifth Avenue South a major real estate development in Battery Park City. Rechnitz had reached a preliminary agreement with Saudi Prince Al-Waleed Bin Talal, whom he had worked with on the Trump Tower on Fifth Avenue.
According To Reuters
Al-Waleed had intended to build a 31-floor luxury hotel and 65-floor residential tower with 2,000 apartments in the development.Those plans changed when Rechnitz disclosed that he had “personally arranged for one of his wealthy Israeli friends to invest $1 million.” According to Reuters, Rechnitz told investors that he would use the money to acquire the apartment units in Al-Waleed’s development. The Saudis responded by “refusing to invest.”
Rechnitz’s agreement with Al-Waleed was terminate in March 2000. Eventually charged with fraud and tax evasion. At the time. ShlomoRechnitz’s wife claim the funds to be a loan and was arresteby the New York City Police Department for filing a false tax return.
On August 7, 2005.Shlomo Rechnitz plead guilty to two felony counts of tax fraud. One felony count of conspiracy to commit fraud on a tax organization.And one felony count of conspiracy to obstruct justice. He was sentenced to eight years in prison for his crimes.
On November 7, 2006, the New York State Court of Appeals threw out Rechnitz’s conviction because his co-defendant, Peter Issel, was never charg. At the time, the court found that the prosecutors used far-fetch theories and unfair tactics in the investigation. Rechnitz was eventually convict of one felony charge and his trial ended on May 12, 2007. Shlomo Rechnitz was sentence to six years in prison but was grant a sentence reduction. He was released from federal prison on April 23, 2012.
Business Inside
After his release from prison, Rechnitz started a real estate investment company in New York City. According to Business Insider, Rechnitz’s “personal wealth” is estimated at $740 million. According to Forbes, Rechnitz earned $54 million in 2011. Rechnitz has been married twice, his first marriage ended in divorce in 1997. His second wife, Ramona Issel, is an Israeli businesswoman who started up a kitchen food delivery business in 1994. Rechnitz married Issel in 2001.
In 1999, Rechnitz acquired a 51% stake in Issel’s business for an estimated $23 million. Forbes reports that Issel is “the controlling shareholder” in Elior Group Holdings, a business that delivers meals to offices. Issel is the Israeli representative for PepsiCo.
In 2003, Rechnitz and Issel purchased “US Food Logistics” for $111 million, purchasing over 500 trucks. The deal valued the company at approximately $270 million. The purchase made Rechnitz an international entrepreneur. According to Forbes. The deal was Rechnitz’s first in the food business and “gave him a foothold in the international shipping industry.
In 2004, Rechnitz invested $3 million in Reza Holdings, which owned Israeli food company Ana-P. During the 2005-2006 period, Rechnitz’s investment in Ana-P earned him a 12.5% share of Ana-P’s profits.
According To Forbes
In 2005, Rechnitz’s Ana-P investment was valued at $38 million. Rechnitz sold his share of Ana-P to Alon Bakshi in June 2006 for an estimated $54 million. According to Forbes, the sale made Rechnitz an entrepreneur with an eye toward international real estate. The deal also made Rechnitz an “entrepreneur with a personal net worth” of $50 million.
In October 2010, Rechnitz sold a share in Israel’s Only Restaurant Corp. for $5.8 million. That same month, Rechnitz’s Group purchased 50% of Israel’s Forever Tap and Bottle for an estimated $19 million. The sale made Rechatel a major distributor” of tequila wine and beer .Shlomo Rechnitz Is An Entrepreneur
In June 2011, Rechnitz invested $45 million in Rechnitz Ventures, a New York real estate investment company. Rechnitz’s business partner was Anthony Anello, a former partner of Charles Kushner. Kushner is the son of a real estate developer, Charles Kushner.
In January 2013, Rechnitz joined the board of Rechnitz Ventures. According to Forbes, Rechnitz is the chairman and “one of the major shareholders” of Rechnitz Ventures.An Affidavit Alleges Shlomo Rechnitz In 1994 Gave His Own Jewelry To His Uncle’s Wife
Termination
According to The New York Post, Shlomo Rechnitz allegedly gave his uncle, Edward Shlomo Rechnitz, jewelry worth more than $2 million in 1994. That is the same year Edward Shlomo Rechnitz divorced and filed a wrongful termination lawsuit against the J.C. Penney Company.
Edward Shlomo Rechnitz later went to work for Rafael Anello, another real estate investor. In 2007, Edward Shlomo Rechnitz reached a “definitive agreement” with Anello. Anello allegedly “transferred and invested” two trucking companies into Edward Shlomo Rechnitz’s Rechatel Group.
Shlomo rechnitz is an entrepreneur sold edwar shlomo rechnitz’s shares in rechatel group and rechnitz’s stak was. Approximately 40 percent according to the new york post. Rechnitz is currently seeking a court-ordered auction of edward shlomo rechnitz’s divorced wife’s jewelry. The jewelry is value at more than $2 million.
But the court documents don’t mention that Edward Shlomo Rechnitz’s ex-wife allegedly committed a felony. The “felony conviction relates to fraud.” According to The New York Post, Edward Shlomo Rechnitz’s ex-wife “bought a used car with a loan from Edward Shlomo Rechnitz and lied about her identity when presented with her checkered credit history.”
According To Forbes
Shlomo Rechnitz was a private businessman until 2000 when he became an entrepreneur in Israel. According to Forbes. In 2004, he came to the United States to start his real estate business. Rechnitz now lives in Manhattan.
Investigations suggest shlomo rechnitz is link to world’s largest illegal weapons deal according to the new york times. The FBI has been investigating Israeli middleman Shlomo Rechnitz for the past three years.
I got eight years. This is all there is to it. I ought to have gotte 10 years for this. Rechnitz said at a public interview. So this is the triumph, since now I’m remaining on the town hall steps and saying this is a triumph to me, this is a triumph to those others that I met during the mission, and this is the triumph to every one individuals that I acquainted with Israel and let come here and begin a business here, that we’re actually standing and here and here to help you.
Each offer has a major effect and assists us with zeroing in on what we do the best: The news! Much obliged from World Tribune Editors and Correspondents. I got eight years. This is all there is to it. Have got 10 years for this. Rechnitz said at a public interview.
Individuals
So this is the triumph, since now I’m remaining on the town hall steps and saying this is a triumph to me, this is a triumph to those others that I met during the mission, and this is the triumph to every one individuals that I acquainted with Israel and let come here and begin a business here. That we’re actually standing and here and here to help you.
This article (Shlomo Rechnitz Spends 6 Weeks Behind Bars, Gets Eight Years Of Probation In Tax Skimming Case) was initially distribute on The Voice of Israel and partner by The Event Chronicle. Share This Post! Need to assist the Free Press in america.jpost.com
In the event that you partook in this article we’d truly see the value in a speedy offer. Each offer has a major effect and assists us with zeroing in on what we do the best: The news! Much obliged from World Tribune Editors and Correspondents.
