Paul Manafort at a Glance
Paul Manafort: Net Worth, Career, and Controversies
Introduction
Paul Manafort is a figure whose life and career have been marked by both significant political influence and legal troubles. As a political consultant, lobbyist, and attorney, he advised numerous Republican presidential candidates, including Gerald Ford, Ronald Reagan, and Donald Trump. His career, however, has been shadowed by accusations of working with international dictators and corrupt regimes. This article delves into Paul Manafort’s net worth, his career, the controversies surrounding him, and the details of his financial dealings and legal battles.
Early Life and Education
Paul John Manafort Jr. was born on April 1, 1949, in New Britain, Connecticut. His father, Paul Manafort Sr., served in the U.S. Army during World War II and later became the mayor of New Britain from 1965 to 1971. The elder Manafort was also involved in a corruption scandal. Paul Jr. attended St. Thomas Aquinas High School before pursuing higher education. He graduated from Georgetown University in 1971 with a Bachelor of Science in business administration and later earned a Juris Doctor degree from the same institution in 1974.
Career Beginnings
Manafort began his professional life practicing law in 1977 with the Washington, D.C., firm Vorys, Sater, Seymour and Pease. The following year marked a pivotal moment in his career when he became the southern coordinator for Ronald Reagan’s presidential campaign and the deputy political director of the Republican National Committee. After Reagan’s election in 1980, Manafort was appointed associate director of the Presidential Personnel Office and later nominated to the Overseas Private Investment Corporation’s board of directors. These early roles set the stage for his future involvement in high-profile political campaigns and lobbying efforts.
Lobbying and Political Consulting
In 1980, Manafort co-founded the Washington, D.C., firm Black, Manafort & Stone (BMS), which later became Black, Manafort, Stone and Kelly (BMSK) with the addition of Peter G. Kelly. The firm gained notoriety for its lobbying work on behalf of various international clients. In 1985, BMSK signed a $600,000 contract with Jonas Savimbi, the leader of the Angolan rebel group UNITA. Over the years, Manafort and his firm represented numerous international figures, including Ferdinand Marcos of the Philippines, Mobutu Sese Seko of the Democratic Republic of the Congo, and Viktor Yanukovych, the former president of Ukraine who had ties to Vladimir Putin. Additionally, Manafort lobbied for governments known for human rights abuses, such as those in Kenya, Equatorial Guinea, the Dominican Republic, and Nigeria. His lobbying activities often involved complex financial transactions and raised ethical questions about his clients and their regimes.
Campaign Chairman for Trump
In 2016, Paul Manafort became the campaign manager of Donald Trump’s presidential campaign. During his tenure, he was involved in controversial activities, including meeting with Russian attorney Natalia Veselnitskaya and other Russian agents. The purpose of these meetings was reportedly to obtain damaging information about Trump’s opponent, Hillary Clinton. Manafort’s time as campaign chairman was relatively short, as he resigned five months after taking the role. His involvement with Russian agents, combined with his alleged lies to investigators about his communications with Konstantin Kilimnik, a Russian intelligence officer, and his involvement in Russia’s election meddling, led to further scrutiny and legal troubles.
Criminal Investigations and Charges
Manafort faced numerous criminal investigations both before and after his role as chairman of Trump’s presidential campaign. In 2014, the FBI began investigating his involvement with the deposed Ukrainian president, Viktor Yanukovych. In the lead-up to Trump’s inauguration in 2017, Manafort was under investigation by multiple federal agencies for his potential collusion in Russia’s interference in the 2016 presidential election. The Senate Select Committee on Intelligence later determined that Manafort had worked with Konstantin Kilimnik to facilitate Russian interference in the election and conceal evidence. In October 2017, he surrendered to the FBI after being indicted on charges of conspiracy against the United States, money laundering, failure to file reports of foreign bank and financial accounts, and making false statements under the Foreign Agents Registration Act. Prosecutors claimed that Manafort laundered over $18 million related to his lobbying work for Viktor Yanukovych. Additional charges involving tax and bank fraud were filed in early 2018, followed by charges of witness tampering and obstruction of justice later that year. In 2019, the Manhattan District Attorney indicted Manafort on 16 counts related to mortgage fraud. He served time in prison from June 2018 to May 2020, when he was released to home confinement due to the COVID-19 pandemic. He was later pardoned by Donald Trump in December 2020.
Personal Wealth and Assets
At his peak, Paul Manafort’s net worth was estimated to be around $70 million, according to federal prosecutors. He eventually forfeited over $22 million in assets to the federal government. Manafort was sentenced to prison on charges of tax and bank fraud, serving from June 2018 to May 2020. He was released after being pardoned by Donald Trump. From 2006 to 2012, Manafort reportedly purchased several properties worth a combined $11 million. He also allegedly received $12 million in undisclosed payments from the pro-Russian former President of Ukraine. Over time, he took out seven home equity loans totaling more than $19 million. It was later revealed that Manafort earned $60 million consulting for Ukrainian billionaires. His lavish lifestyle was a key part of the prosecution’s case, highlighting his extensive spending on luxury items and real estate.
The Hamptons Home
In 1994, Paul Manafort and his wife purchased a 2.4-acre property in the Hamptons for $400,000. They subsequently built a 5,700-square-foot home on the property. This home was a significant focus of the investigation, as it was alleged that he used approximately $6 million in illicit funds for improvements. Manafort sold this property in November 2021 for $10.1 million. The sale of the Hamptons home marked a turning point in the liquidation of his assets to cover debts and fines related to his criminal convictions.
Personal Life
In 1978, Paul Manafort married Kathleen Bond, an attorney. She earned her JD from Georgetown and was admitted to the Virginia Bar in 1988 and the Washington, D.C., Bar a few years later. The Manaforts have two daughters, Andrea and Jessica. Their family life became a subject of public interest due to Manafort’s high-profile career and the subsequent legal battles. Kathleen Manafort has been a supportive presence throughout his trials and tribulations, often attending court hearings.
Conclusion
Paul Manafort’s story is a complex narrative of political influence, financial success, and criminal charges. His career as a political consultant and lobbyist provided him with significant wealth and access to powerful individuals. However, his dealings with international clients and his involvement in the 2016 presidential campaign led to extensive investigations, criminal charges, and imprisonment. Despite the controversies, Manafort’s influence on American politics and his impact on those he advised remain undeniable. His case highlights the intersections of money, power, and the law, and serves as a cautionary tale about the potential consequences of actions taken in the pursuit of wealth and influence.