Elliott Broidy

Page last edited 239 days 17 hours ago
 
Jump to: navigation, search
Elliott Broidy
Born 1956/1957 (age 61–62)[1]
Residence Bel Air, Los Angeles, California
Education University of Southern California
Occupation Venture capitalist
Political party Republican Party
Spouse(s) Robin Rosenzweig
Children 3
Parents Sherman G. Broidy
Dorothy Horowitz

Elliott Broidy (born 1956/1957) is an American venture capitalist, Republican fundraiser, and philanthropist. From 2005 to 2008 he was finance chairman of the Republican National Committee (RNC). In 2017 he was named a deputy finance chairman of the RNC, a role he was forced to resign in April 2018 after allegations of sexual impropriety arose.

Early life[edit]

Broidy is the son of Sherman G. Broidy (1924–2014), an educator and property developer, and Dorothy Horowitz.[2]

Broidy graduated from the University of Southern California, where he received a Bachelor of Science degree in Accounting and Finance.[3][4] He is a Certified Public Accountant (CPA).[3][4]

Career[edit]

Professional activities[edit]

Broidy started his career in finance at Arthur Andersen. He was managing director at Bell Enterprises from 1982 to 1991.[4] In 1991, he founded Broidy Capital Management, an investment firm, serving as its chairman and chief executive officer.[3][4][5]

Broidy served as chairman of ESI Holdings, an event management firm.[3] He served as commissioner and chairman of the Alternative Investment Committee of the Los Angeles City Fire and Police Pension Fund from 2002 to 2009.[3][4][6]

In 2002, Broidy founded Markstone Capital, a private equity firm which invested in companies in Israel. The lead investor was the New York State Common Pension Fund.[3][4][7] The pension fund invested $250 million with Markstone.[8] Broidy later was accused of giving illegal gifts to pension authorities, several of whom went to prison. In exchange for his testimony against them, Broidy pleaded guilty to a misdemeanor and paid $18 million in restitution.[6]

Broidy was the executive producer of two 2013 films: Sugar and Snake and Mongoose.[9]

Broidy owns the private security company Circinus, which provides services to the United States and other governments. The company has hundreds of millions of dollars in contracts with the United Arab Emirates (UAE).[10] In 2018, Broidy intended to take a business trip with George Nader to meet with the Crown Prince of Saudi Arabia, in order to sell the prince a $650 million contract with Circinus. The plan fell apart when F.B.I. agents took Nader in for questioning upon his arrival at Dulles Airport.[11]

Political and government activities[edit]

Becoming interested in politics after the 9/11 attacks, he joined the Republican Jewish Coalition[6] and ultimately became a member of the board of directors, a position he still holds.[12] Between 2002 and 2004 he became a “Super Ranger", donating more than $300,000 to re-election campaign of President George W. Bush.[13] From 2004 to 2006 he raised campaign funds for many Republican candidates. In late 2005 he was selected to serve as finance chairman for the Republican National Committee (RNC) from 2006–2008.[14]

In October 2006, he hosted a fundraiser for Bush, where US$1 million was raised.[15] Later that year, he was appointed by Homeland Security Secretary Michael Chertoff to the Homeland Security Advisory Council as well as the Terrorism Task Force and New Technology Task Force.[3][5][6]

In 2016 Broidy served as a vice chairman of the Trump Victory Committee, a joint fundraising committee between the Donald Trump campaign and the RNC.[16] In addition, he served as a vice chairman of the Presidential Inaugural Committee.[17] In April 2017 Broidy was named a national deputy finance chairmen of the RNC.[18]

In October 2017 in a private meeting with U.S. president Donald Trump, Broidy praised a paramilitary force his company Circinus was creating for the UAE. He urged the president to meet with the UAE's military commander Crown Prince Mohammed bin Zayed al-Nahyan, to support the UAE's hawkish policies in the Middle East, and to fire U.S. Secretary of State Rex Tillerson. He was also harshly critical of Qatar, an American ally at odds with the UAE.[10][19]

Philanthropic and nonprofit activities[edit]

In 2006, Bush appointed him to the board of trustees of the John F. Kennedy Center for the Performing Arts.[20][5][6]

Broidy served on the board of governors and the endowment committee of Hebrew Union College and the board of trustees of the Hillel Foundation, as well as the Center for Investment Studies at the Marshall School of Business at his alma mater, the University of Southern California.[3] He served on the board of governors of the Cedars-Sinai Medical Center and the board of trustees of the Simon Wiesenthal Center.[5][4] He was the 2008 recipient of the Raoul Wallenberg Award by the Raoul Wallenberg Committee of the United States for his Jewish philanthropy.[21]

Controversies[edit]

Bribing of New York State Comptroller[edit]

In 2009, Broidy entered a guilty plea to a single felony count of attempting to provide excess gratuity to former New York State Comptroller Alan Hevesi. The charge was later reduced to a misdemeanor[6][21][22] in exchange for cooperation that helped lead to the conviction of Hevesi and six other pension officials.[8][23] Broidy had provided $1 million in illegal gifts to New York State pension authorities. The gifts included luxury trips to Israel, payouts, and an undisclosed investment in a film produced by the brother of the chief investment officer of the New York State Retirement Fund. In exchange for the gifts, the state pension fund had invested $250 million with Markstone Capital Partners.[8][24] As part of the plea deal, Broidy paid $18 million in restitution of management fees paid by the pension fund to Markstone.

1MDB Scandal[edit]

In March 2018, The Wall Street Journal reported that Broidy had been in negotiations to earn tens of millions of dollars by lobbying the U.S. Justice Department to drop its investigation into a multibillion-dollar graft scandal involving a Malaysian state investment fund, 1MDB, according to emails reviewed by the Journal. One email showed a proposal that would have given Broidy and his wife $75 million if they got the Justice Department to drop its probe into 1MDB. Broidy also prepared talking points for Malaysian Prime Minister Najib Razak to tell Trump during his 2017 visit to Washington, DC. This included playing up Malaysia's relationship with the U.S. in fighting North Korea and arguing against pursuing legal action against 1MDB.[25][26]

Hush money payment to Playboy model[edit]

On April 13, 2018, The Wall Street Journal reported that Broidy, who was married at the time. had a sexual relationship with a Playboy Playmate, resulting in a pregnancy in late 2017. The article stated that the model later aborted the pregnancy. President Donald Trump's personal lawyer, Michael Cohen, later negotiated a deal to pay $1.6 million for the woman's silence. The settlement was falsely characterized at the time as a personal injury settlement.[27][28][29] Broidy resigned his post at the RNC the same day the article appeared.[30]

Personal life[edit]

Broidy is married to Robin Rosenzweig, a JD, MBA who is a former senior executive of 20th Century Fox.[5][31] After residing in Holmby Hills, they moved to Bel Air in 2005. The couple have three children: Rachael, Lauren and Nathaniel.[5]

References[edit]

  1. Lifsher, Marc (November 27, 2012). "L.A. venture capitalist Elliott Broidy spared jail time". Los Angeles Times. http://articles.latimes.com/2012/nov/27/business/la-fi-broidy-sentenced-20121127. 
  2. "Sherman G. Broidy Obituary". Los Angeles Times. January 4, 2014. http://www.legacy.com/obituaries/latimes/obituary.aspx?pid=168884114. Retrieved November 7, 2015. 
  3. a b c d e f g h "USC Marshall » Center for Investment Studies (CIS) » About CIS » Board of Advisors". http://www-marshall.usc.edu/cis/about/board-of-advisors.htm. Retrieved 10 December. 
  4. a b c d e f g "Elliott Broidy CPA: Executive Profile & Biography". http://investing.businessweek.com/research/stocks/private/person.asp?personId=8866745&privcapId=22299102. Retrieved 10 December. 
  5. a b c d e f "ELLIOTT BROIDY APPOINTED TO SIMON WIESENTHAL CENTER BOARD OF TRUSTEES". February 23, 2009. http://www.wiesenthal.com/site/apps/nlnet/content2.aspx?c=lsKWLbPJLnF&b=5711841&ct=6793851#.VHJ-0MkhqSo. Retrieved 10 December. 
  6. a b c d e f Beckerman, Josh (December 3, 2009). "Just Who Is Elliott Broidy, Anyway?". The Wall Street Journal. https://blogs.wsj.com/privateequity/2009/12/03/just-who-is-elliott-broidy-anyway/. 
  7. Lovett, Kenneth (November 27, 2012). "No jail time for Elliott Broidy, Israeli investor guilty of giving $1 million in bribes to officials". New York Daily News. http://www.nydailynews.com/news/crime/no-jail-time-guilty-israeli-investor-article-1.1209146. Retrieved April 10, 2017. 
  8. a b c Freifeld, Karen (November 26, 2012). "LA money manager gets no jail in NY corruption case". Reuters. https://www.reuters.com/article/newyork-pension-broidy/la-money-manager-gets-no-jail-in-ny-corruption-case-idUSL1E8MQ4KJ20121126. Retrieved March 12, 2018. 
  9. Elliott Broidy at the Internet Movie Database
  10. a b Mazzetti, Mark; Kirkpatrick, David D.; Haberman, Maggie (March 3, 2018). "Mueller’s Focus on Adviser to United Arab Emirates Indicates Widening of Inquiry". The New York Times. https://nyti.ms/2FccPk2. 
  11. David D. KIRKPATRICK and Mark MAZZETTIMARCH How 2 Gulf Monarchies Sought to Influence the White House NYT March 21, 2018
  12. "Board of Directors". Republican Jewish Coalition. http://www.rjchq.org/elliott_broidy. Retrieved 10 March 2018. 
  13. Robbins, Tom (December 8, 2009). "The Peggy Lipton Affair Brings Down Another Mogul". The Village Voice. http://www.villagevoice.com/2009-12-08/columns/the-peggy-lipton-affair-brings-down-another-mogul/. 
  14. "Former RNC Finance Chair Given Minimum Sentence". November 28, 2012. http://www.breitbart.com/big-government/2012/11/28/former-rnc-finance-chair-broidy/. Retrieved 10 April 2017. 
  15. Snyder, Gabriel (October 4, 2006). "Inside Move: H’wood picks side in campaign fund fight". Variety. https://variety.com/2006/scene/news/inside-move-h-wood-picks-side-in-campaign-fund-fight-1117951312/. 
  16. "Announcement of 2016 Trump Victory Leadership Team". May 24, 2016. https://gop.com/rnc-announces-2016-trump-victory-leadership-team/. Retrieved 10 April 2017. 
  17. McCaskill, Nolan D. (November 15, 2016). "Trump announces inauguration team leaders". Politico. https://www.politico.com/blogs/donald-trump-administration/2016/11/trump-announces-inauguration-team-leaders-231445. Retrieved March 10, 2018. 
  18. Hammond, Joseph (April 3, 2017). "Republican Party adds Experienced Fundraisers Ahead of 2018 Elections". American Media Institute. https://americanmediainstitute.com/investigations/republican-party-adds-experienced-fundraisers-ahead-2018-elections/. 
  19. Kianpour, Suzanne (March 5, 2018). "Emails show UAE-linked effort against Tillerson". BBC News. http://www.bbc.com/news/world-us-canada-43281519. 
  20. "RNC Announces Additions To RNC Finance Leadership Team". April 3, 2017. https://www.gop.com/rnc-announces-additions-to-rnc-finance-leadership-team/. Retrieved 3 April 2017. 
  21. a b Karmin, Craig; Lattman, Peter (December 4, 2009). "Hevesi Linked to Pay-to-Play as Broidy Admits Guilt". The Wall Street Journal. https://www.wsj.com/articles/SB10001424052748703735004574574002011776102. 
  22. "Guilty Plea in Fraud Case Tied to New York Pension". The New York Times. Associated Press. December 4, 2009. https://www.nytimes.com/2009/12/04/nyregion/04pension.html. 
  23. Lovett, Ken (November 28, 2012). "Investor Elliott Broidy Given Wrist Slap For Role In Pension Fund Scandal". New York Daily News. http://www.nydailynews.com/blogs/dailypolitics/investor-elliott-broidy-wrist-slap-role-pension-fund-scandal-blog-entry-1.1692865. Retrieved March 10, 2018. 
  24. Avriel, Eytan (December 7, 2009). "Markstone Fraud Puts Legitimacy of Israel Funds Into Question". Haaretz. https://www.haaretz.com/1.5040615. Retrieved 10 December. 
  25. Hope, Bradley; Wright, Tom; Ballhaus, Rebecca (March 1, 2018). "Trump Ally Was in Talks to Earn Millions in Effort to End 1MDB Probe in U.S.". The Wall Street Journal. https://www.wsj.com/articles/trump-ally-was-in-talks-to-earn-millions-in-effort-to-end-1mdb-probe-in-u-s-1519919321. 
  26. Kharpal, Arjun (March 3, 2018). "Trump ally reportedly in talks to earn $75 million if he could get the US probe into 1MDB dropped". CNBC. https://www.cnbc.com/2018/03/03/1mdb-trump-ally-elliot-broidy-tries-to-get-75-million-to-end-us-probe.html. 
  27. CNN, MJ Lee, Sara Sidner, Kara Scannell and Clare Foran,. "Michael Cohen facilitated $1.6 million agreement on behalf of GOP fundraiser". CNN. https://www.cnn.com/2018/04/13/politics/trump-lawyer-michael-cohen-settlement/index.html. 
  28. Ballhaus, Rebecca; Bykowicz, Juliedate=April 13, 2018. "Elliott Broidy Quits RNC Post After Report on Payment to Ex-Model". The Wall Street Journal. https://www.wsj.com/articles/elliott-broidy-quits-rnc-post-after-report-on-payment-to-ex-model-1523645801. Retrieved 13 April 2018. 
  29. Palazzolo, Joe; Rothfeld, Michael (April 13, 2018). "Trump Lawyer Michael Cohen Negotiated $1.6 Million Settlement for Top Republican Fundraiser". The Wall Street Journal. https://www.wsj.com/articles/trump-lawyer-michael-cohen-negotiated-1-6-million-settlement-for-top-republican-fundraiser-1523638726. Retrieved 13 April 2018. 
  30. Isenstadt, Alex (April 13, 2018). "RNC fundraiser resigns after report of $1.6 million Playmate payoff". Politico. https://www.politico.com/story/2018/04/13/rnc-deputy-finance-chair-broidy-resigns-522867. Retrieved 13 April 2018. 
  31. Davis, Patti (March 18, 2001). "Battle Takes Shape in the Toniest of War Grounds". Los Angeles Times. http://articles.latimes.com/2001/mar/18/news/cl-43360.