Mexican billionaire’s $400m bitcoin gamble unravels in stock-loan dispute

THE billionaire behind Grupo Elektra, Ricardo Salinas Pliego, is known for investing in his own empire. But in spring 2021, as bitcoin surged, he wanted a fast, large crypto bet. Cash was tight.

Instead of selling shares, Salinas borrowed against them. A London broker introduced his Swiss advisor to Astor Capital Fund. The pitch emphasised prestige: Astor claimed ties to the historic Astor family, with backing from top institutions. On a video call, a man calling himself ‘Thomas Astor-Mellon’ spoke with an American accent, apparently from a yacht, Trading View noted.

The deal promised up to $150 million secured against roughly $416 million in Elektra shares. Additional funds for bitcoin came from international banks.

The paperwork

In July 2021, Salinas signed a 31-page agreement with Astor Asset Management 3, a Canadian special-purpose vehicle created to act as an onshore lender. The contract looked ceremonial, with a crowned winged-lion seal and Roman numerals.

Yet a meaningless date caught Salinas’s eye. It hinted that the firm’s aristocratic branding might be just theater.

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According to Salinas, instead of safeguarding his shares, the lender moved them from his custody account, sold them in a thin market, and used the proceeds to fund the loan and enrich itself. “It was the perfect fraud,” he said. He maintains he would have sold the shares himself if that had been his plan.

Who was behind Astor?

Salinas’s team later learned ‘Thomas Astor-Mellon’ was actually Alexei Skachkov, who has a criminal record in the U.S. Astor’s so-called managing director, Gregory Mitchell, was in fact Val Sklarov, a Ukrainian-born American with a history of multiple identities and offshore entities.

Sklarov rejects fraud claims. He says stock-backed lending often requires selling collateral to protect lenders. He points to contract clauses about rehypothecation, giving the lender wide rights over pledged shares.

Custodians and control

The saga also reveals how risky private stock-backed loans can be. Borrowers rely on lenders for custodians, often offshore, and disputes can be forced into costly arbitration.

In Salinas’s case, the custodian was Bahamas-based Weiser. Advisors noticed unusual Elektra share activity and raised alarms. Salinas says the custodian should not have followed lender instructions. Sklarov counters that the lender had power of attorney.

Astor eventually switched custodians, but Salinas says the core control problem remained. By 2024, his team asked for proof the shares existed. Astor refused, calling direct checks “interference.”

When Salinas offered early repayment to clarify ownership, three banks agreed. Astor declared default instead, listing alleged breaches that Salinas disputes.

Following the money

Salinas hired StoneTurn to trace the cash. Court-ordered bank disclosures suggest roughly $420 million came from Elektra share sales, with $104 million used for the loan.

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A large portion of the remaining money moved through accounts with grandiose names, including Cornelius Vanderbilt Capital Management, with significant sums allegedly ending with Sklarov or related parties. Sklarov disputes control over these accounts.

A murky market

This case highlights a growing niche: private stock-backed lending, sometimes called Lombard lending. Inside regulated banks, it can be routine, but in offshore and private settings, borrowers are vulnerable.

Salinas is pursuing the matter in England’s High Court, but recovery is uncertain. His question remains simple: Where are my shares?