In Today’s Business Section…Private Jets, Black Tie Balls, Murder, Drugs and Go-Go Dancers…
A Lurid Aftermath to a Hedge Fund Manager’s Life
A life of private jets and black-tie balls ended with Seth Tobias, a wealthy investment manager and a familiar presence on CNBC, floating face down in the swimming pool of his mansion here…
Mr. Tobias, who was 44 years old, had apparently suffered a heart attack, his brother Spence said at the time. The police did not consider his death suspicious.
But now an unfolding drama over Mr. Tobias’s estate is providing a lurid account of fast money and faster living in the volatile world of hedge funds. Mr. Tobias’s four brothers and Mrs. Tobias are locked in a legal battle over the estate, which is worth at least $25 million. And, in a civil complaint, they have gone so far as to accuse her of murder.
The brothers, Samuel, Spence, Scott and Joshua, claim Mrs. Tobias drugged her husband and lured him into the pool. Bill Ash, a former assistant to Mr. Tobias, said he had told the police that Mrs. Tobias confessed to him that she had cajoled her husband into the water while he was on a cocaine binge with a promise of sex with a male go-go dancer known as Tiger.
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Mr. Tobias’s life was apparently as volatile as his investment returns. After Circle T lost 5.3 percent in 2005, his marriage began to fray. In March 2006, the police were called to the Tobiases’ home because of a domestic disturbance. A few days later. Mr. Tobias filed for divorce. It was one week before the couple’s first anniversary.
The Tobiases later reconciled. But the divorce filings included a laundry list of accusations. Mrs. Tobias stated that she caught him having an “adulterous affair” and that he “gambled away tens of thousands of dollars and used other funds on illicit habits.” She asked the court to award her $46,000 a month for living expenses. He argued that she was constantly spending too much money.
Even after the couple reconciled, they fought constantly, mostly over money, according to several friends, who asked not to be identified for fear of being subpoenaed in connection with the case or because they were worried that their professional reputations would be harmed by being associated with the case. At one point, Mrs. Tobias bought a Porsche on her credit card and then cried when Mr. Tobias told her to return it, one friend recounted.
They also secretly frequented a gay bar called Cupids in West Palm Beach, in a strip mall along a main thoroughfare. It was there, according to Mr. Ash, that Mr. Tobias first met Tiger.
“Seth used to come in here back when it was crazy,” said Adiel Hemingway, the longtime manager of Cupids. As a flat-screen television blared hard-core gay pornography, he said that Mr. Tobias often came to the club with his wife. Mr. Hemingway took out a picture of Tiger in his office. Tiger is blond and covered with tattoos that look like stripes.
Lifestyles of the rich and shallow…
