US federal prosecutors have charged Ukrainian-American Val Sklarov with running a $450 million fraud through his Astor Asset Management. The indictment alleges Sklarov, who posed as "Gregory Mitchell," promised loans against pledged shares that were immediately sold rather than held as collateral. The case stems from allegations by Mexican billionaire Ricardo Salinas Pliego, who claims Sklarov's company offered him a $150 million loan secured against Elektra shares worth triple that amount.

Prosecutors claim Sklarov reassured victims their shares were safe while transferring them to custodial accounts "as dictated" by him. A forensic report commissioned by Salinas estimated roughly $229 million in proceeds from Elektra share sales ended up with Sklarov and connected parties through offshore companies, with $88 million remaining unaccounted. The scheme used proceeds from selling victims' own shares to make loan payments.

The indictment aligns with Salinas's civil claim in London, where he seeks recovery of his Elektra stock. Sklarov, who has faced fraud allegations totaling at least $1 billion across multiple jurisdictions, pleaded guilty to an $18 million Medicare fraud in the 1990s. Salinas welcomed the charges, noting this may not be the last victim if the scheme isn't stopped.