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    <p>A wealth firm founded by former Credit Suisse banker Francis Menassa has been forced to close its doors after a series of bad investments — including a number involving crypto — left him deep in debt.</p> 
    <p>As reported by Bloomberg, the JAR Capital founder also poured money into leisure assets and a failed attempt to buy a bank. In all, his bad investments left JAR’s holding company, JAR Financial Management, owing $11 million to creditors.</p> 
    <p>The company’s <a rel="noopener noreferrer nofollow" title="wealth" href="https://thebittimes.com/tag/wealth.html">wealth</a> and asset management divisions previously boasted more than $1 billion in assets.&nbsp;</p> 
    <p>Among the bad bets that triggered JAR’s downward spiral was a near-$2.5 million investment in London-headquartered <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> trading platform BlockEx. Despite a bright start that saw BlockEx <strong>raise $24 million in its 2018 ICO</strong> things quickly started to go south and just 12 months later, it was forced to lay off staff.</p> 
    <p>Menassa subsequently struggled to offload his share of the firm when crypto prices started to plummet.</p> 
    <p><em>Read more: Bitcoin rallies amid <a rel="noopener noreferrer nofollow" title="Credit Suisse" href="https://thebittimes.com/tag/credit-suisse.html">Credit Suisse</a>, Silicon Valley Bank failures</em></p> 
    <h2 class="wp-block-heading" id="h-2018-definitely-wasn-t-menassa-s-year">2018 definitely wasn’t Menassa’s year</h2> 
    <p>In addition to his failed entry into <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>, Menassa also lost big on a number of other significant investments.</p> 
    <p>In 2018, the businessman put an undisclosed amount of money into The Wave, a <a rel="noopener noreferrer nofollow" title="UK" href="https://thebittimes.com/tag/uk.html">UK</a>-based inland surfing facility. Unfortunately, this investment was made shortly before the beginning of the COVID-19 pandemic, which, according to JAR documentation, created “<strong>significant pressures</strong>” for its investors.</p> 
    <p>According to JAR financials, in the same year, he also reportedly lost at least $100,000 when he attempted to take over an unnamed Gibraltar-based bank.</p> 
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bad-crypto-bets-helped-to-destroy-credit-suisse-banker-s-wealth-firm-tbt62444.html">https://thebittimes.com/bad-crypto-bets-helped-to-destroy-credit-suisse-banker-s-wealth-firm-tbt62444.html</a></p>

Bad crypto bets helped to destroy Credit Suisse banker's wealth firm

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