Episode 116: Gary Magness and the Missing BCCI Money

This week we're discussing a relatively obscure billionaire heir to a cable fortune named Gary Magness. He won an oscar for producing the movie Precious and is currently in court fighting to not have to return $80 million he stole as part of a Ponzi scheme but what we're most interested in is his connection to the episodes we did on the Bank of Credit and Commerce International (BCCI). His father Bob Magness was on the board and a major shareholder in a BCCI subsidiary named Capcom Financial which was linked to Saudi Arabian intelligence and to at least $1.3 billion in assets stolen out of the main vehicle of BCCI. His father never was prosecuted never had to return the money he made and now some of that money belongs to Gary. Now Gary spends his Saudi intelligence money buying his daughter a pop music career. We live under the most efficient economic system possible.

Citations:

• 1992 Kerry Committee Report (Federation of American Scientists)
  A copy of the 1992 Kerry Committee report on Capcom Financial, the first and last investigation the US government conducted.