Omar Amanat Explained

Omar Amanat
Birth Date:15 August 1972[1]
Nationality:American
Occupation:Entrepreneur
Education:Montville High School[2] [3]

Omar Sharif Amanat is an American entrepreneur, film producer, and investor in media, technology and hospitality companies.[4]
[4] [5] [6] [7] He was convicted in December 2017 of conspiracy in a scheme involving KIT Digital.[8] [9] [10] and sentenced to 5 years after "a striking fall from power".[11]

Education

Amanat grew up in Montville, New Jersey and was educated at Montville High School.[2] He later enrolled at Franklin and Marshall College and transferred to the University of Pennsylvania.

Career

He began at startup Datek Online[12] and afterwards he moved to Texas and partnered with Philip Berber on a prototype online trading system called Cyber-Block,[13] which was acquired by Charles Schwab for $488 million in 2000, before moving to New York to start Tradescape,[14] of which he was the founder, chief executive and majority shareholder.[15] In 2002, E*Trade acquired Tradescape for $276 million.[16]

Entertainment industry

Amanat is the co-founder of Peak Group Holdings which is the largest shareholder of The Twilight Saga studio Summit Entertainment, in which he holds a 20% ownership stake via Peak Group Holdings. Brent Lang of The Wrap called him "the most powerful person in Hollywood you've never heard of".[17] Summit was acquired by Hunger Games studio Lionsgate for $412.5 million and Peak became one of its largest shareholders,[18] with a 48% stake.[19]

He was the executive producer of the 2007 drama The Visitor and the 2008 comedy drama Smart People[20] [21] not including approximately 75 other films he financed via Summit Entertainment from 2007 to 2012.

Aman Resorts

In February 2014, Amanat co-founded with Adrian Zecha a new venture known as Aman Resorts Group Limited (ARGL) backed by a consortium of investors led by Vladislav Doronin. This new entity purchased luxury hotel and resort chain Aman Resorts from DLF for $358 million.[22]

In July 2014, Amanat filed suit in the High Court of London against Vladislav Doronin, claiming Doronin committed breaches of a shareholders' agreement and forced the unlawful ouster of Adrian Zecha as CEO. Amanat claimed the decision to remove Zecha did not have board approval. The ruling, by the High Court, which was reviewed by the Wall Street Journal, reinstated Zecha as CEO, which was viewed as a victory for Amanat.[23] Two days later, Doronin filed a counterclaim in New York,[24] but the judge ruled that the lawsuit would have to be decided in England. In July 2014, London's High Court permitted a board decision which replaced Zecha with Olivier Jolivet to stand.[25]

In March 2016 the High Court in London published an order which confirmed the settlement between Doronin and Amanat, ousting Amanat from the Aman Resorts ownership group.[26]

Litigation

Amanat has been involved in a number of high-profile lawsuits during his career:

Bankruptcy

In 2004 a bankruptcy petition was lodged against Amanat.[33] The circumstances of the filing were highly unusual. Fortune reported the following transcript of Judge Alan Gropper:

The bankruptcy petition was subsequently dismissed, as was a subsequent appeal against its dismissal by Amanat.[34] Fortune also reported that "[b]efore the case was over, the bankruptcy judge, Gropper, found that Amanat executed fraudulent conveyances, deceived creditors, and backdated documents."

Arrest and conviction

In July 2016 Amanat was arrested as part of the conspiracy case against former technology IPTV company KIT Digital.[35] [36] Prosecutors asserted that Amanat with Kaleil Isaza Tuzman, Stephen E. Maiden and an unnamed individual used an investment vehicle controlled by Tuzman to purchase KIT Digital shares. Maiden was sentenced in February 2015 to seven years in prison on a separate matter; Tuzman served time in prison in Colombia and was extradited to the U.S. to face charges.[37] [38] [39] Former Chief Financial Officer Robin Smyth pleaded guilty to criminal charges in March 2016 and has been assisting prosecutors. Amanat previously sued Tuzman asserting breach of contract. The fraud trial commenced in October 2017.[40] The prosecution accused Omanat of "lies upon lies" in their opening statements in relation to the fraud allegations.[41] Defense lawyers accused the prosecution's star witness Stephen E Maiden of having high-ranking DOJ ties and of losing most of his funds money before investing in Kit.[42]

In December 2017, Amanat was found guilty of defrauding Kit investors along with his associate Kaleil Isaza Tuzman, the former KIT Digital CEO. Tuzman and Amanat had been accused of conspiring to inflate KIT's trading volume and share price between 2008 and 2011 in an effort to hide their devastating losses. The verdict came after 6 weeks of trial. Three government witnesses who pleaded guilty, including two former KIT executives and a disgraced hedge-fund founder, told jurors of related frauds being directed by Tuzman and Amanat in an effort to hide their disastrous investment losses.

On 19 August 2021, Amanat was sentenced to five years in federal prison and fined $175,000. The 44 months already served pre-sentencing would be credited toward this sentence.[1]

Philanthropy

Amanat has been a board member of Human Rights Watch, Malaria No More,[43] [44] The Acumen Fund and the Ad Council[45] and worked as a spokesman for Bridges TV before its debut,[46] where he advocated for Muslims to undo negative misperceptions of themselves in media.[47] He co-founded a film fund affiliated with the United Nations called the Alliance of Civilizations Media Fund[48] Amanat commissioned Harvard Medical School to research the physiological effects on minorities who watch images of violence being perpetrated on fellow minorities.[49] [50]

He has been an executive producer of films including The Visitor,[51] Darfur Now,[51] Smart People,[51] and The Mysteries of Pittsburgh.[51]

Personal life

Amanat is the older brother of comic book editor Sana Amanat. He has three children with ex-wife Helena Houdová,[4] [52] and six children in total.[1] He is the first cousin of Hillary Clinton's longtime aide Huma Abedin.[53]

Notes and References

  1. Web site: 'Twilight' investor sentenced to five years prison in fraud case. Reuters. Stempel. Jonathan. 19 August 2021. 26 September 2022.
  2. Web site: Busy Boonton Township recreation, Denville PBA hosts dance. newjerseyhills.com. 20 October 2005. 17 July 2016. This year, Omar Amanat, Class of 1990;....
  3. Web site: Hall of Fame / Welcome. montville.net. 17 July 2016. 2005 Omar Amanat. https://web.archive.org/web/20160813094929/http://www.montville.net/page/2174. 13 August 2016. dead.
  4. Web site: The Global Battle for the World's Most Exclusive Hotel Chain. 4 September 2014. fortune.com. 17 July 2016.
  5. News: New York entrepreneur Amanat indicted for fraud scheme. 13 July 2016. Reuters. 16 July 2017.
  6. Web site: The Mystery Behind Wall Street's Wildest Party. Perman. Stacy. Fortune. 16 July 2017.
  7. Web site: New Arrest in Fraud Probe of Bankrupt Video Tech Firm. Reuters. Fortune. 16 July 2017. ...and Omar Amanat, an investor in media, finance and technology companies who is Irfan Amanat's brother..
  8. Web site: Ex-KIT CEO, Socialite Convicted at Fraud Trial . Bloomberg. 26 December 2017.
  9. News: Tech Entrepreneurs Convicted of Fraud . The Wall Street Journal. 29 December 2017 . 30 December 2017.
  10. Web site: Huma Abedin's cousin convicted in fraud case involving fake emails . Fox News. Benjamin Brown . 29 December 2017. 30 December 2017.
  11. Web site: Lawsuits, lies, and Colombian prisons: The downfall of two wildly successful tech entrepreneurs . . Zoë Bernard . 30 December 2017 . 4 January 2018.
  12. Web site: Street courts day trade firms . CNN Money. 25 February 2000.
  13. Web site: Healthcare Providers and Services: Company Overview of Malaria No More. Bloomberg Business Week. https://web.archive.org/web/20121010131002/http://investing.businessweek.com/research/stocks/private/person.asp?personId=430125&privcapId=40485923&previousCapId=42368917&previousTitle=National%20Security%20Solutions%20Inc. dead. 10 October 2012.
  14. Matthew Goldstein Tradescape Becomes a Contender SmartMoney. 13 March 2000. Accessed 9 February 2011.
  15. Web site: Firm to Offer Cash for Stock Orders. 21 February 2001. The New York Times. 17 July 2016.
  16. Web site: E*Trade Shareholder Filing: S.E.C 10-Q Quarterly Report. 30 June 2002. shareholder.com.
  17. Brent Lang (14 March 2011). "Summit Investor's Libel Suit Reveals Omar Amanat's Control" The Wrap Accessed 5 August 2011.
  18. Alex Ben Block (13 January 2012). https://www.hollywoodreporter.com/news/lionsgate-buying-twilight-summit-281591.
  19. News: Lionsgate Close to Deal to Buy Summit; Friedman and Wachsberger Likely to Remain. The Hollywood Reporter. 27 June 2017. en.
  20. Web site: Summit Investor Sues Brit Tabloids for Calling Him 'Impostor' (Exclusive). Alex Ben Block. The Hollywood Reporter. 10 March 2011. 17 July 2016.
  21. Web site: Omar Amanat. IMDb. 17 July 2016.
  22. News: Wrathall. Claire. Aman for all seasons. https://web.archive.org/web/20151005073009/http://www.telegraph.co.uk/luxury/travel/85627/aman-for-all-seasons.html. dead. 5 October 2015. The Daily Telegraph. 29 May 2017.
  23. News: London Court Rules Doronin Must Step Down as Amanresorts CEO - WSJ. The Wall Street Journal. 14 July 2014 . 20 January 2015. Karmin . Craig .
  24. News: Russian Real Estate Investor Doronin Sues Amanresorts Partner. The Wall Street Journal. 17 July 2014 . 4 February 2015. Karmin . Craig .
  25. Web site: London's High Court Permits Aman Group's Board to Remove CEO. Luxury Hotel Acquisitions. 4 February 2015. https://web.archive.org/web/20150205022229/http://luxuryhotelacquisitions.com/court-permits-aman-board-remove-ceo/. 5 February 2015. dead.
  26. News: Aman Resorts Owner Doronin Scores Legal Wins in Long-Running Dispute. Rizzo. Lillian. 14 March 2016. Wall Street Journal. 16 July 2017. en-US. 0099-9660.
  27. Web site: Judge OKs Fraud Suits In E-Trade, MarketXT Spat. Erin Marie Daly. Law 360. 17 July 2016.
  28. Summit Threatens Litigation Over 'Twilight' "Misrepresentations" . Deadline. 17 July 2016.
  29. News: Summit investor Omar Amanat wins tabloid settlement. Reuters. Brent Lang. 14 July 2011. 17 July 2016.
  30. Web site: Battle for Aman Luxury Resorts Spills Over Into New York. Tiffany Kary. Bloomberg. 10 March 2016. 17 July 2016.
  31. Web site: Judge turns down preliminary claim in international hotel chain battle. The Caterer. 17 July 2015. 17 July 2016.
  32. News: MUSLIM TV NETWORK DEBUTED AMID LITIGATION . https://web.archive.org/web/20160911121614/https://www.highbeam.com/doc/1P2-22699867.html . dead . 11 September 2016 . Jay Tokasz . The Buffalo News . 20 December 2004 . 18 July 2016.
  33. The global battle for the ultimate luxury hotel chain. Fortune. 15 July 2016.
  34. Web site: In Re: Omar Sharif Amanat. www.plainsite.org. 15 July 2015.
  35. News: Omar Amanat Arrested and Charged as Kit Digital Case Widens . Bloomberg.com . 13 July 2016 . Bloomberg . 14 July 2016.
  36. Web site: Fraud Charges Cloud Entrepreneur's Story of His Success . Bob Van Voris . Christian Berthelsen . Bloomberg. 19 July 2016. 20 July 2016.
  37. https://www.plainsite.org/dockets/2olydszp0/new-york-southern-district-court/usa-v-tuzman-et-al/ plainsite
  38. News: The Man Who Went From Harvard to Goldman to Colombian Jail. Bloomberg.com . 20 November 2015 . Bloomberg. 14 July 2016.
  39. News: Raymond. Nate. New York entrepreneur Amanat indicted for fraud scheme. Reuters. 13 July 2016 . Reuters. 14 July 2016.
  40. Web site: Tech Entrepreneur's Trial Is Biggest Battle of a Glossy Career . Erik Larson and Christian Berthelsen . . 30 October 2017 . 31 October 2017.
  41. Web site: Feds Tell Of Lies Upon Lies As KIT Digital Trial Opens . Law 360. Stewart Bishop . 30 October 2017 . 31 October 2017.
  42. Web site: Ponzi Schemer's DOJ Ties Might Hurt Credibility at Trial . Bloomberg . 6 November 2017.
  43. Web site: Blood-Stained Hands. 7 July 2005. hrw.org. 17 July 2016.
  44. Web site: Return of Organization Exempt From Income Tax. malarianomore.org. 24 June 2015. https://web.archive.org/web/20150317133829/https://www.malarianomore.org/assets/2011%20990%20Full.pdf. 17 March 2015. dead.
  45. Web site: Advisory Committee. 17 July 2016. https://web.archive.org/web/20150905090801/http://stage.ez.adcouncil.org/About-Us/Committees/Advisory-Committee. 5 September 2015. dead.
  46. News: Muslim TV Network Debuted Amid Litigation . Jay Tokasz . . 20 December 2004 . B.3.
  47. http://www.aljazeerah.info/News%20archives/2003%20News%20archives/May%202003%20News/3%20n/First%20American%20Muslim%20Television%20Channel%20Announced%20by%20Bridges%20Network..htm News aljazeerah.info: First American Muslim Television Channel Announced by Bridges Network
  48. Oprah Winfrey Web site: Archived copy . 16 February 2011 . dead . https://web.archive.org/web/20110122140232/http://www.oprah.com/oprahradio/Global-Philanthropist-Omar-Amanat . 22 January 2011 .
  49. Ten Young Visionaries Web site: Archived copy . 6 August 2012 . dead . https://web.archive.org/web/20120329104356/http://islamicamagazine.com/?p=722 . 29 March 2012 .
  50. Web site: Research Base for the High-level Group Report Analysis on Media. UN Alliance of Civilizations Research.
  51. Web site: Omar Amanat. . 17 July 2016.
  52. Web site: Helena Houdová: Jejího exmanžela zatkla policie pro rozsáhlé podvody - iHOT.cz. ihot.cz. 17 July 2016. Potkala ale bohatého podnikatele Omara Amanata, kterého si vzala, porodila mu tři děti, dala se na raw stravu a po rozpadu manželství se zhroutila.. cs.
  53. Web site: Tech Entrepreneur's Trial Is Biggest Battle of Career. 30 October 2017. Bloomberg.

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