Stephen Orenstein
Stephen Orenstein | |
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| Born | Stephen Orenstein December 28, 1963 Frankfurt, Germany |
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| Occupation | Businessman |
| Spouse(s) | Petra Schweikart (m. 1997) |
Stephen Orenstein (born December 28, 1963 in Frankfurt)[1][2] is a German-American billionaire businessman, and Principal of Supreme Group, an overseas supplier of food and and fuel that notably supplied U.S. Army military personnel in Afghanistan that was founded by his father. He currently owns 75% of Supreme Group and oversees day to day operations[3].
As of October 2013, his net worth is estimated at US$1.1bn according to Bloomberg Billionaires Index|Bloomberg[4].
Career
Stephen Orenstein attended Kimball Union Academy high school in New Hampshire before enrolling at Lehigh University in Pennsylvania to obtain a medical degree. In 1985, Orenstein dropped out of college after 3 years of his studies to return to Frankfurt following the death of his father, Alfred Orenstein. Orenstein’s father founded Supreme Group in 1957. Until then, he had consistently supplied U.S. bases in Germany with food and supplies following his departure from the US army that same year. Stephen Orenstein joined Supreme Group as a part of the sales division in 1985[5].
Supreme Group had $5.6 billion in revenues during the peak of the Afghanistan war in 2011, with $1.66 billion paid out to owners as dividends.
In 2014, two of its subsidiaries, Supreme Foodservice GmbH and Supreme Foodservice FZE, admitted to defrauding the US government while supplying troops in Afghanistan and agreed to pay $434.36 million in penalties and compensation to avoid prosecution[6]. The group made a commitment to keep its owners away from managing Pentagon contracts for 5 years in an agreement with the US Department of Justice. The military business can only be handled by the group's US subsidiary and is supervised by the Justice Department. The fraud started when the Pentagon transferred the supply of provisions to private companies to save money, with Supreme Group getting part of the business. Its subsidiaries inflated costs and manipulated prices to increase profits. The fraud was uncovered by a whistleblower and the company agreed to avoid prosecution by paying penalties and compensation[7][8].
To do so, Stephen Orenstein set up a shell company for the purchase of fresh vegetables, milk and bakery products. As his own middleman, he was able to manipulate the price upward. For example, a surcharge of 30 percent was charged for each can of Coca-Cola[9][10].
Since 2018, Orenstein is member of the Eintracht Frankfurt football club supervisory board[2].
Personal life
Orenstein is married to Petra Orenstein, née Schweikart since 1997[11]. They married in New York City. His hobbies are football, tennis and diving[2]. He is a benefactor of the Frankfurt Museum of Modern Art[9][10].
His wife, Petra, owns Cara Investment[12][13], a Frankfurt-based family office with a large real estate holding. It purchased various assets in London respectively for £71m in February 2020 and for $93 million in July 2020[14]. The family office holds multiple properties in Frankfurt and is involved in real estate development projects in Europe and in the United States[15][16]. During the same year, the family office sold a tower building in Frankfurt for an alleged amount of €300m[17].
References
- ↑ "Pappers - French business directory" (PDF).
- ↑ 2.0 2.1 2.2 "Stephen Orenstein - Eintracht Frankfurt Club". Eintracht Frankfurt. Retrieved 2023-01-30.
- ↑ "Military supplier to pay $389m in fraud case". The Philadelphia Inquirer. 9 December 2014.
- ↑ "Supreme Billionaire Feeds Armies as U.S. Court Battle Blazes". Bloomberg.com. 2013-10-07. Retrieved 2023-01-30.
- ↑ "Dubai supplier becomes billionaire feeding US war machine | Arabian Post". 2013-10-07. Retrieved 2023-01-30.
- ↑ "Une firme suisse surfacture ses denrées à l'armée américaine". Le Matin (in français). 2014-12-09. ISSN 1018-3736. Retrieved 2023-01-30.
- ↑ "Supreme Billionaire Feeds Armies as U.S. Court Battle Blazes". Bloomberg.com. 2013-10-07. Retrieved 2023-01-30.
- ↑ "Mega-Busse für Schweizer Firma: Food-Lieferant zockte US-Militär ab". Blick (in Schweizer Hochdeutsch). 2014-12-09. Retrieved 2023-01-30.
- ↑ 9.0 9.1 "WAR LOGISTICS; The Supreme Sacrifice". Handelsblatt. 16 July 2015.
- ↑ 10.0 10.1 Schulz, Bettina (2015-07-16), English: Companies & Markets (PDF), retrieved 2023-01-30
- ↑ French business directory - Pappers https://www.pappers.fr/entreprise/victoire-sci-480024298/documents/VICTOIRE%20SCI%20-%20Statuts%20constitutifs%2020-12-2004.pdf
- ↑ "CARA ADVISORY LIMITED persons with significant control - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Archived from the original on 2023-01-30. Retrieved 2023-01-30.
- ↑ "Société MOUNTAINVIEW SAS : Chiffre d'affaires, statuts, Kbis". www.pappers.fr (in français). Retrieved 2023-01-30.
- ↑ "Cara Real Estate buys London mixed-use building for £71M". www.spglobal.com. Retrieved 2023-01-30.
- ↑ admin (2021-10-13). "Single Family Office from Frankfurt Sells Office Tower for €300M". familyofficehub.io. Retrieved 2023-01-30.
- ↑ "Lincoln Property Company and Cara Investment Acquire 384 Post Street Property on Union Square in San Francisco". www.businesswire.com. 2021-10-13. Retrieved 2023-01-30.
- ↑ Wulf, Norbert. "Mietvertrag endet 2024: Family Office verkauft Stammsitz der Bank Oddo BHF". www.private-banking-magazin.de (in Deutsch). Retrieved 2023-01-30.
External links
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