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Authorities have accused Rothschild Bank AG and its subsidiary Rothschild Trust AG of not only failing to reveal the source of the assets of dubious customers but also of expanding their business dealings with them. Switzerland's Financial Market Supervisory Authority (FINMA) has concluded an investigation into suspected money laundering operations involving Rothschild Bank and Malaysian state investment fund 1MDB. The regulator concluded that Rothschild Bank was in "serious breach" of "due diligence, reporting and documentation requirements."
Last fall, Balazs sold 80 percent of his interest in Standard International, the business that runs his hotels. However, he retained ownership of the real estate, including at the Standard High Line. With this deal he sold the real estate at the Standard High Line, too.
The group of investors who bought his stake in Standard International last year include David Heller, a former Goldman Sachs trader, who is also an investor in the Standard, East Village, according to Balazs, who is also an owner there.
The first Standard Hotel was opened on Sunset Strip in West Hollywood by legendary hotelier, Andre Balazs in 1999. Since then a series of hotels have been added to the group in downtown Los Angeles, New York, and Miami. Balazs' focus on creating creative environments with a focus on top-flight restaurants and clubs where interesting people from a cross-section of business and the arts might get together. Original investors in the Hollywood hotel included Leonardo DiCaprio, Cameron Diaz, and Benicio del Toro.