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Manuscript Ponzi Scheme Exposed

Financial Times Companies •
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Gérard Lhéritier built a manuscript empire through Aristophil, selling shares in literary treasures to ordinary investors. His business model promised 40% returns after five years, collecting €975 million over more than a decade. Lhéritier revolutionized the manuscript market by transforming rare documents into investment portfolios, attracting thousands of small investors to a previously exclusive domain.

The former plumber's son lived extravagantly, maintaining racing stables and an 18-meter yacht on the Riviera. Lhéritier hosted lavish events for glitterati and politicians, including former presidents Sarkozy, Hollande, and Giscard d'Estaing. He used an extensive network of 800 brokers who earned generous commissions, while his Museum of Letters and Manuscripts served as both exhibition space and credibility enhancer.

The elaborate facade collapsed when investigators exposed the operation as a €1 billion Ponzi scheme. Lhéritier, who had previously faced legal troubles with a diamond business, had no way to deliver the promised returns as the manuscript market couldn't sustain such payouts. The collapse left thousands of investors with worthless shares in what had been marketed as blue-chip literary investments.