The co-founder of bankrupt Zetta Jet has been charged in Singapore with embezzling $7.6 million from the defunct private jet charter operator
In its 2017 bankruptcy filing, defunct Zetta Jet listed 58 pages of creditors owed between $50 million and $100 million.
Continue reading “Former Zetta Jet boss Geoffrey Cassidy charged with embezzlement”
In a filing last week, the grounded private jet charter operator outlined what its jet card customers might receive in exchange for their $50 million in unused flight credits
What’s nearly $50 million in unused flight credits worth when your jet card provider goes bust?
The answer looks to be less than customers had hoped for, but more than past bankruptcies and closures.
Continue reading “JetSuite’s SuiteKey customers unhappy with bankruptcy offer”
The Chapter 7 Trustee for Zetta Jet alleges the glitzy private jet charter operator was in a constant state of financial distress from the start
The Trustee is seeking to claw back over $450 million from more than a dozen entities
If it sounds too good to be true, it might be too good to be true. While failed Zetta Jet marketed a champagne and caviar image, it apparently was charging Red Lobster prices and moved from financial crisis to crisis from its inception, despite portraying itself as being well-capitalized.
Its website at the time said the private jet charter operator offered “pure indulgence,” combining “Asian inspired service, European chic, and American can do.” It promised, “At Zetta Jet, no desire is too extravagant and no request too difficult.”
Continue reading “Zetta Jet’s latest legal woes reveal a business “insolvent almost from inception””
An FBI affidavit alleges millions of dollars in funds from
charter brokers and consumers were funneled to bank accounts used by Geoffrey
Cassidy to support a lavish lifestyle of yachts, expensive Swiss watches and
luxury real estate
As part of efforts here in the United States by the Court’s Trustee to impound a yacht in Australia connected to former Zetta Jet managing director Geoffrey Cassidy, Private Jet Card Comparisons was provided a 46-page sworn affidavit by an FBI special agent. The authenticity of the document, which was marked as “sealed” could not be confirmed, however, the case was recently covered in the local media Down Under.
Continue reading “New court documents provide a behind-the-scenes look at the Zetta Jet fraud accusations”