Pilatus bank owner Ali Sadr Hasheminejad’s net worth is over $24 million, lawyers tell court

The owner of private bank Pilatus has now been detained nearly two month as his lawyers battle in a New York court to secure bail for Ali Sadr Hasheminejad.

In a letter to the US district judge fleshing out further details on their request for pre-trial bail, Hasheminejad’s lawyer have presented an impressive bail package of conditions and bonds that total some $34 million, which include almost 40 bonds from family, friends and colleagues worth almost $14 million.

They said Hasheminejad would accept having travel restricted to New York, parts of Virginia, Maryland, and D.C., surrender his passports, and even be subject to electronic monitoring.

“Even Bernie Madoff, who had his own private jet and personal yacht, and was charged with a $50 billion Ponzi scheme, was granted bail on a $10 million bond a nightly curfew, and travel restricted to the tristate area,” the lawyers said.

The bonds include “meaningful pledges” from close friends and relatives who have pledged property and retirement accounts to assure Hasheminejad will appear in court to answer for charges of having breached US sanctions against Iran.

The lawyer’s application includes statements from close family friends who have known the banker since his birth, who described him as “an outstanding human being”, “loyal, dedicated and compassionate”, and being “humble in the face of his achievements”.

The lawyers are arguing that such pledges carry “extraordinary sting” for these people should Hasheminejad not appear in court.

The lawyer also presented a statement of Hasheminejad’s net worth.

In court, Hasheminejad’s assets were listed as comprising:

• $12.9 million equity in Pilatus Bank in Malta
• $1.5 million apartment in Washington DC
• $227,115 interest in A&H Urban Lifestyle Investments LLC
• $5.7 million net value interest in various entities that town pistachio farms in California, in which Hasheminejad invested some $9.8 million, less $4.1 million in debt on those farms
• $3.1 million in two bank accounts in Cyprus, now frozen by the authorities
• $700,000 in other bank accounts

The lawyers insist that the illiquid nature of these assets “does not fit the profile of a person attempting to conceal assets from the government”.

According to a forensic analysis by a former IRS agent and accountant, Alan Katz, Hasheminejad’s father’s assets are “in the realm of the tens of millions – nothing close to billions”, and are entirely in Iran, suggesting it would not be feasible to make them available to Hasheminejad.

The lawyers said Hasheminejad’s mother, a US citizen with a PhD in psychology from the University in Vermont, and his two sisters, both green card holders, have pledged all significant assets.