A Texas billionaire is being accused of using a series of legal maneuvers to divorce his wife of 30 years, whom he has no prenuptial agreement, and left her penniless.
Wilbur Edwin “Ed” Bosarge, 80, is a billionaire hedge fund investor, who is in the midst of a bitter divorce with his wife of 30 years Marie Bosarge, 65.
The couple lived in Houston, in a 35,000 square foot mansion, and in London in a $45 million flat on London’s Billionaire Square.
But in 2013, Wilbur left his wife for his 20-something Russian mistress.
According to court papers, Ed and his mistress moved into the London mansion – that Marie designed herself.
Marie’s lawyers claim that she no longer can access any of the 12 homes she and her husband lived in for 30 years. Meanwhile, Ed, 80, moves between the couple’s homes as he pleases.
And the story gets worse. Marie was with Ed from the beginning before he acquired his fortune.. The two were married in 1989 and Ed and his business partner Bruce Eames founded Quantlab Financial in 1998 – nine years after their marriage.
Marie answered phones at the newly created company, which soon became a leader in high-frequency trading.
But Ed used financial engineering to protect his assets. All of the homes except a 1920s Mediterranean home the couple bought in Houston in the 1990s are owned by a number of limited liability companies or trusts.
When they separated, Marie claims she was asked to sign an agreement with 100 Carnarvon LLC, the entity that owned the 27,000 square foot Houston mansion called Chateau Carnarvon that Marie lived in. In 2017, when Ed officially filed for divorce, she was evicted from her home just before Christmas.
Marie, 66, claims to have almost no cash and is struggling to pay her legal bills.
Up to $2 billion in property is hidden in these trusts, according to Marie. However, Ed claims that number is closer to $800 million.
The couple’s community property however is worth $12 million which is usually split evenly in Texas divorces.