A new report from The New York Times has shed light on alleged financial misconduct involving Tiffany Trump’s in-laws, centering on a multi-million-dollar deal with Jared Kushner for a luxury yacht. The intricate scheme, detailed through contracts, court records, and contemporaneous text messages, suggests a pattern where proximity to the Trump family was quickly leveraged for potential financial gain. This particular incident, among others, raises questions about the intersection of familial connections and business ethics within the orbit of a former president.
At the heart of the matter is Michael Boulos, Tiffany Trump’s husband, and his cousin, Jimmy Frangi, a yacht broker. Their alleged actions led to Kushner reportedly being overcharged by millions of dollars for an unfinished superyacht, a transaction that now forms a significant part of an investigative narrative revealing how the Boulos family quickly integrated into the Trumpian fold and sought to capitalize on their newfound connections.
The unfolding events depict a scenario where high-stakes deals, often shrouded in secrecy and conflicting accounts, became a hallmark of the interactions between these intertwined families. The saga of the ‘Solstice’ yacht, now sitting incomplete in Greek shipyards, serves as a stark illustration of these alleged dealings, prompting a closer examination of the figures involved and the mechanisms employed.
1. **The Boulos Family’s Swift Integration into the Trump Fold**When President Donald Trump’s fourth child, Tiffany Trump, married Michael Boulos in November 2022 at Mar-a-Lago, the Boulos family was swiftly brought into the influential Trumpian fold. This matrimonial alliance significantly raised the family’s public profile and opened doors to a world of elevated access and perceived prestige. Michael Boulos, then 27, having proposed to Tiffany, 31, in January 2021, quickly began to navigate the unique landscape where family ties and business ambitions often merged.
The integration was not merely ceremonial; it quickly translated into substantive roles and opportunities. Trump himself publicly lauded Michael’s father, Massad Boulos, presenting him as a prominent business tycoon. This led to Massad Boulos being appointed as an adviser to the Middle East and Africa, despite later investigations by The New York Times revealing that his actual business dealings and wealth were considerably less than initially claimed or publicly perceived, with his stake in a family trucking company in Nigeria valued at less than two dollars.
2. **Michael Boulos’s Business Ambitions and the Identification of Jared Kushner as a Client**Following his engagement to Tiffany Trump, Michael Boulos evinced a clear eagerness to intertwine his burgeoning business interests with his new familial connections. This ambition quickly manifested in strategic moves designed to capitalize on the valuable network afforded by his impending marriage. It was in this context that Boulos identified a particularly high-profile target for potential business: Jared Kushner, who is married to Trump’s eldest daughter, Ivanka.
Kushner, already a prominent figure known for his business acumen and role as a White House senior adviser, represented a significant opportunity. Michael Boulos, who was working for his cousin Jimmy Frangi’s international yacht brokerage company, saw Kushner as a prime candidate for a substantial deal. This identification laid the groundwork for a proposition that would ultimately become the subject of intense scrutiny and allegations of financial impropriety.
3. **The Initial Pitch: A Multi-Million-Dollar Yacht Investment Scheme**With Jared Kushner identified as a potential client, Michael Boulos and his cousin, yacht broker Jimmy Frangi, proceeded to pitch him on a multi-million-dollar investment deal. The initial concept was presented as a lucrative opportunity: Kushner would acquire a luxury yacht at what was described as a favorable price, undertake its renovation, and subsequently profit from either its sale or lease to other wealthy individuals. This proposal promised a substantial return on investment, appealing to Kushner’s business sensibilities.
The cousins’ presentation framed the venture as a straightforward and advantageous financial undertaking. They outlined a clear pathway to profitability, suggesting that their expertise in the yacht market would ensure a successful transaction. The allure of a high-value asset combined with the prospect of significant returns was a central component of their pitch, designed to entice Kushner into committing to the investment. This foundational proposal set the stage for the subsequent, more detailed discussions surrounding a specific vessel.
4. **The ‘Solstice’ Yacht Deal and Its Undisclosed Inflated Price**By June 2021, the general investment concept had crystallized into a specific opportunity: Michael Boulos began sending Jared Kushner sales presentations for an unfinished yacht named the ‘Solstice,’ which was under construction in Greece. This particular vessel became the focal point of the transaction, with Frangi’s firm quoting a price of €12.5 million, approximately $15 million at the time, to acquire it. This quoted sum included a stated $1 million brokerage commission for the firm, presenting a seemingly transparent cost structure to Kushner.
However, The New York Times report, based on Frangi’s text messages, revealed a significant discrepancy. In reality, the firm was spending millions less to acquire the yacht than what they had disclosed to Kushner. This undisclosed reduction in acquisition cost allowed them to secretly pocket an additional $2.5 million, bringing their total gain on the deal to $3.5 million instead of the agreed-upon $1 million commission. This alleged overcharge constituted a substantial difference, fundamentally altering the economics of the investment from Kushner’s perspective.
5. **Concerted Efforts to Conceal the True Value from Jared Kushner**In tandem with the inflated pricing, Frangi’s firm allegedly engaged in deliberate efforts to keep the actual cost of the yacht a secret from Jared Kushner. Internal communications, particularly text messages among executives at the firm, reveal an awareness of the deceptive nature of the deal and the need for stringent measures to prevent Kushner from discovering the true value. One executive explicitly wrote that it would be “difficult to hide” the yacht’s real value from Kushner, underscoring the perceived challenge of maintaining the facade.
Furthermore, the text messages highlighted the critical importance of ensuring that Kushner would not hire an independent appraiser. The fear was that an impartial third-party valuation would expose the true acquisition cost and, consequently, the extent of the alleged overcharge. This directive to prevent an independent assessment indicates a conscious strategy to obscure financial realities and safeguard the firm’s inflated profit margins, suggesting a calculated attempt to mislead a high-profile client.
6. **Michael Boulos’s Active Involvement and Expression of Displeasure**Despite the ambiguity surrounding Michael Boulos’s full awareness of the alleged scheme to overcharge Jared Kushner, the context information makes it clear that he was personally and actively involved in pushing the yacht deal forward. His engagement went beyond merely identifying Kushner as a client; he maintained a direct hand in the progression of the transaction, indicating a vested interest in its successful closure. This active role underscored his commitment to seeing the deal through, irrespective of the undisclosed financial manipulations.
At a critical juncture, when Kushner’s lawyer appeared to be delaying the transaction, Boulos conveyed his displeasure in no uncertain terms. In a message to an associate at the law firm involved, he wrote, “Me and Tiffany are pi—ed off.” This statement, invoking his then-fiancée Tiffany Trump, highlighted his frustration with any impediments to the deal’s swift conclusion, further emphasizing his direct involvement and personal investment in the outcome of the yacht purchase. The sale eventually closed in early 2022, following these periods of negotiation and alleged pressure.
7. **The Commissions Earned by Michael Boulos and Jimmy Frangi**The yacht sale, which eventually closed in early 2022, resulted in significant financial payouts for Michael Boulos and his cousin, Jimmy Frangi. According to Frangi’s accounts, he personally made approximately $400,000 from the commission. In addition to this, Frangi also acknowledged taking several hundred thousand dollars that had been specifically earmarked for transaction fees, further augmenting his earnings from the deal. These figures represent a substantial financial return for the brokerage firm and its principals involved in the ‘Solstice’ transaction.
Michael Boulos, for his part, reportedly earned $300,000 in commission from the yacht sale. This amount was confirmed by Frangi, contributing to the total alleged overcharge from Kushner. A spokesperson for Boulos and Tiffany Trump, however, offered a different characterization, stating that Boulos had only received a “pre-negotiated finder’s fee.” The spokesperson also indicated that Boulos had since terminated his business relationship with Frangi, signaling a potential distancing from the controversial dealings.”
8. **Jared Kushner’s Realization of the Overcharge and Confrontation**Eventually, the alleged financial manipulations surrounding the ‘Solstice’ yacht deal came to light for Jared Kushner. According to a lawyer involved in a separate financial dispute with Jimmy Frangi, Mr. Kushner realized he had been overcharged by approximately $2.5 million. This discovery prompted a direct confrontation with Frangi, who, when faced with the inquiry, reportedly “concealed the reason for the higher price” and “made up an excuse.” This account, detailed by lawyer Taylor Howard, underscores the depth of the alleged deception and the subsequent attempts to obfuscate the truth from the buyer.
The precise nature of this confrontation and its full implications for the familial relationships remain unclear. While Kushner reportedly confronted Frangi, it is not publicly known if he ever discussed the matter with Michael Boulos or if the superyacht issue caused any ongoing friction between the two families. A spokesperson for Mr. Kushner, when approached for comment by The New York Times, declined to delve into the specifics of the deal. Instead, the spokesperson offered a brief statement, noting only that Mr. Boulos was doing a “great job” working to find a new buyer for the yacht, a remark that, given the circumstances, added a layer of ambiguity to the situation.
9. **The Unfinished State of the ‘Solstice’ Yacht**Despite the multi-million-dollar transaction that closed in early 2022, the luxury superyacht ‘Solstice’ remains incomplete. It currently sits in dry dock at Greek shipyards in Perama, a tangible symbol of the stalled investment and the unresolved issues surrounding its acquisition. The vessel, which was the subject of the inflated pricing and alleged concealment efforts, has yet to fulfill its promised potential as a lucrative asset for Jared Kushner. Its unfinished state highlights the practical consequences of the reported dealings and the complexities that have unfolded since the initial purchase.
In an attempt to mitigate the situation, Michael Boulos has reportedly taken on the role of seeking a new buyer for the uncompleted yacht. A spokesperson for Mr. Kushner confirmed Boulos’s efforts, describing them as “great work,” and indicating that a new deal for the vessel was pending. However, as of the latest reports, no such sale has yet materialized, leaving the ‘Solstice’ in its current state of limbo. This ongoing effort to offload an asset that appears to have been problematic from the outset further underscores the intricate and often fraught intersection of family, business, and political connections.
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10. **The Initiation of the Controversial ‘Saudi Deal’ with Abdulelah Allam**Just a few months after the yacht deal concluded, in June 2022, Michael Boulos and Jimmy Frangi embarked on another venture that would draw scrutiny, this time involving a wealthy Saudi businessman named Abdulelah Allam. The two cousins met with Mr. Allam at his Virginia home. Mr. Allam, a prominent real estate investor, had fallen victim to Crown Prince Mohammed bin Salman’s 2017 “anti-corruption” crackdown, which resulted in the seizure of billions of dollars in his assets by the Saudi government. Desperate to reclaim his fortune, Mr. Allam was a prime target for a proposition that promised a pathway to influence.
Frangi, who owed Mr. Allam millions of dollars through their yacht business connections, saw an opportunity to resolve his own debts while potentially leveraging Boulos’s newfound proximity to the Trump family. He proposed a plan: by utilizing Boulos’s connections, they could “soften” the Saudi authorities and assist Mr. Allam in restoring his seized wealth. In exchange for this access and influence, Frangi anticipated that his substantial debts to Allam would be forgiven, and he would secure a stake in any new business ventures that might arise from this political maneuvering. This meeting marked the genesis of what would become known as the “Saudi deal,” further entangling the Boulos family’s network with high-stakes international affairs.
11. **The $100,000 Payment and Conflicting Explanations**In the lead-up to the meeting with Abdulelah Allam, a significant financial transaction occurred that would later be shrouded in contradictory explanations. Prior to the Virginia meeting, Jimmy Frangi sent a text message to Mr. Allam, stating that Michael Boulos “needs $25,000” and specifying that it was a “loan.” Frangi included Boulos’s name and bank account information in the message. On the very day of the meeting, Mr. Allam reportedly wired a sum of $100,000 into Michael Boulos’s account, a payment that immediately raised questions about its true purpose.
The explanation for this substantial payment shifted depending on the individual providing it, casting doubt on its transparency. A spokesperson for Michael Boulos claimed the money was a repayment of a debt that Frangi’s “financially struggling company” owed to Boulos, and that at Frangi’s request, Mr. Allam settled this debt directly. Conversely, an aide to Mr. Allam asserted that the $100,000 was a personal loan to Michael Boulos, which Boulos still intended to repay. Jimmy Frangi himself offered varying accounts, at times describing it as a loan to Boulos and at others as a debt settlement. Despite these conflicting narratives, all parties involved consistently denied that the money was intended to purchase access or influence within the Trump sphere.
12. **Strategies for Signaling Access and Concealment in the ‘Saudi Deal’**Internal communications, particularly text messages exchanged by Jimmy Frangi, vividly illustrate the strategies employed to signal access to the Trump family and the deliberate efforts to conceal the true nature of their dealings with Abdulelah Allam. Frangi’s messages to Mr. Allam explicitly outlined a plan centered on projecting proximity to the Trumps. He suggested that it “would be good to fly with Michael and Tiffany,” emphasizing the visual optics of such an association. Furthermore, Frangi detailed plans to strategically position Mr. Allam for a “photo-op” with the Trumps, specifically at Tiffany and Michael’s wedding, promising him a place at the “top of the guest list” to solidify this perceived closeness.
These communications also contained a clear directive for concealment. In one particularly telling message, written in Arabic, Frangi instructed Allam: “Delete all the messages.” This instruction underscores an awareness of the sensitive nature of their discussions and a desire to erase any digital footprint that could expose their intentions. While Michael Boulos was notably not copied on these specific text messages, and his spokesperson vehemently denies any involvement or discussion of Mr. Allam’s Saudi concerns, the exchanges between Frangi and Allam paint a picture of calculated strategizing to leverage Trump connections, real or perceived, for financial and political gain. Allam’s aide, Rashad el-Hassanieh, corroborated a more limited role for Boulos, stating that “Mikey never promised anything. He said, ‘I’ll listen, but I can’t promise anything.’”
13. **The Failure of the ‘Saudi Deal’**Despite the intricate planning and the substantial $100,000 payment to Michael Boulos’s account, the ambitious “Saudi deal” ultimately failed to deliver on its promises. Abdulelah Allam, the Saudi businessman who sought to regain his seized wealth through the purported connections to the Trump family, never received the coveted wedding invitation that Frangi had strategically dangled. More significantly, he never regained his vast fortune from the Saudi government, leaving his financial predicament unchanged. The elaborate scheme, designed to “soften up” Saudi officials and project an image of influence, proved to be ineffective in the face of complex international politics and the realities of Crown Prince Mohammed bin Salman’s consolidation of power.
The outcome of the deal was not entirely unforeseen. Messages indicate that individuals around Mr. Allam had cautioned him that the plan had “little chance of working,” a prescient warning that proved accurate. Michael Boulos, through his spokesperson, steadfastly maintained that he was “not involved” in the scheme and had “never dealt with, been involved with, nor discussed Mr. Allam’s Saudi Arabia concerns with anyone, including Mr. Allam himself.” This consistent denial, alongside the ultimate failure of the venture to achieve its stated objectives for Allam, highlights the speculative and often unfulfilled nature of attempting to monetize proximity to power.
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14. **Massad Boulos’s Inflated Profile and Political Appointments**The marriage of Michael Boulos to Tiffany Trump in November 2022 at Mar-a-Lago significantly elevated the public profile of Michael’s father, Massad Boulos. Suddenly, he was presented in international media as a “billionaire business magnate” and emerged as a key supporter of Donald Trump’s campaign. This narrative of immense wealth and influence facilitated a pathway to political appointments that soon followed. After Mr. Trump’s election in 2024, Massad Boulos was appointed as a presidential adviser on the Middle East, and subsequently as a senior State Department official for Africa, positions that seemed to affirm his public image as a powerful global player.
However, a rigorous investigation by The New York Times last year starkly contrasted this glamorous portrayal with a more modest reality. The report revealed that Massad Boulos’s actual wealth and business dealings were considerably less impressive than publicly claimed or perceived. Specifically, his stake in his in-laws’ Nigerian trucking company was valued at less than two dollars, a figure that dramatically undercut the “billionaire” label. This discrepancy between public perception and factual financial standing underscores the ease with which family connections within the Trump orbit could be leveraged to create an inflated public persona, translating into official governmental roles despite a lack of substantiated business acumen or significant independent wealth.
15. **The Persistent Blurring of Lines Between Family, Business, and Government Influence**The incidents surrounding the ‘Solstice’ yacht and the ‘Saudi deal’ are not isolated events but rather illustrative examples of a broader pattern: the persistent blurring of lines between family relationships, private business ventures, and governmental influence within the Trump orbit. This dynamic, a hallmark of the Trump administration, where diplomacy was often conducted with the same foreign governments that engaged in business dealings with his family, finds a “variation on that theme” in the Boulos family’s actions. The context explicitly states that Michael Boulos is “pursuing work” in Africa, seeking to “put together some investors from the United States and some governments in Africa.”
This pursuit of business interests in regions where his father holds a senior State Department advisory role immediately raises questions of potential conflicts of interest, as acknowledged by former Guinea Prime Minister Lansana Kouyaté, who initially stated that Michael Boulos’s business and his father’s political role were inseparable, before later retracting his statement. Furthermore, the allure of proximity to power extends to associates; Habib Saidi, a friend of the Bouloses, was observed at Mar-a-Lago seeking to “use the opportunity, while they were close to the center of American power, to do business in the Middle East,” mentioning construction projects in Saudi Arabia. These interwoven narratives underscore how within this ecosystem, “everything around this family is a chance to profit,” transforming familial connections into avenues for financial and political opportunity. Meanwhile, Tiffany Trump and Michael Boulos are focused on raising their family, having welcomed their first child, Alexander, in May, with Tiffany occasionally sharing glimpses of their life, such as photos from the French Riviera, a stark contrast to the high-stakes dealings playing out behind the scenes.
The detailed reporting on these alleged financial maneuverings involving Tiffany Trump’s in-laws, Jared Kushner, and a Saudi businessman serves as a compelling narrative, revealing the complex interplay of family ties, entrepreneurial ambition, and the enduring quest for influence. It offers a glimpse into how deeply intertwined personal connections can become with business dealings, particularly when operating within the unique ecosystem of a former presidential family. The ongoing saga of the unfinished yacht and the unfulfilled promises of access underscores the potential pitfalls when the lines between public service and private enterprise become indistinct, leaving a trail of questions about ethics, accountability, and the true cost of proximity to power.
