Key Takeaways
- Hermès heir Nicolas Puech's $15 billion fortune went missing due to his financial advisor's actions.
- Financial advisor Eric Fremont was accused of selling Puech's Hermès shares and misappropriating funds.
- Fremont died by suicide shortly after French magistrates filed preliminary charges against him.
- Puech currently has approximately 1 million euros and has lost his Swiss home and most assets.
Deep Dive
- The episode begins with the apparent suicide of Eric Fremont, Nicolas Puech's financial advisor.
- Reporter Nick Kostov investigated allegations that Fremont had stolen a $15 billion fortune.
- Fremont managed Puech's finances since the late 1980s, handling his Hermès shares and other aspects of his life.
- In 2022, Puech doubted Fremont after a claimed 1 million Swiss franc transfer to his handyman was false.
- An audit revealed Fremont sold 90% of Puech's Hermès shares to LVMH around 2008, despite his denials.
- Fremont advised Puech to limit contact with family after 2010 amid family disputes and accusations.
- Fremont continued selling Puech's remaining 10% of Hermès shares from 2013, using proceeds for personal art purchases.
- An audit showed Puech's fortune was invested in ventures like a Czech film company, hydrogen projects, and Moderna stock.
- Nicolas Puech accused Fremont of being a "con man" who created a "climate of fear" by controlling his life.
- Fremont was interviewed by French investigators, altering his statements and admitting to dishonesty.
- He presented a new narrative, claiming a romantic relationship with Puech, which Puech denied.
- Fremont confessed to selling Puech's Hermès shares to LVMH via an equity swap, contradicting prior statements.
- Fremont died by suicide shortly after preliminary charges for forgery and breach of trust were filed against him.
- Nicolas Puech currently possesses approximately 1 million euros and no other assets, receiving Hermès family assistance.
- Puech lost his Swiss home to his foundation and admits to signing documents he cannot recall, leading to his financial ruin.