Jason Ader — a one-time Wall Street mogul who used to appear on CNBC and who helped bring down ex-Yahoo CEO Marissa Mayer — threw his fund 26 Capital Acquisition Corp into Chapter 11 in July after a botched $2.5 billion takeover of the biggest casino in the Philippines, according to court papers.

To make matters worse, the 57-year-old investor allegedly blew $370,000 using a collection of American Express credit cards — including two Platinum accounts, a Delta Sky Miles card and the uber-exclusive, invite-only ‘Black’ card.

Jason Ader and partner Hana at the uber-exclusive Monte-Carlo Country Club last year. Instagram/Hana Ader

Amex is now suing him to claw back the unpaid balances that fueled his jetsetting lifestyle, according to court papers.

According to statements filed in court, Ader splashed out just over $9,000 in August 2024 on his ‘Black’ Amex Centurion at a Christian Dior boutique in posh Monaco on the Mediterranean.

As previously reported by The Post, that was the same month that Jason and his partner Hana posted pictures on his now-private Instagram account from their summer vacation.

They posed together at the members-only Monte-Carlo Country Club in Roquebrune-Cap-Martin on the Cote d’Azur and the Olympic beach volleyball tournament at the Eiffel Tower in Paris.

Approached by The Post for comment, Ader said he was unaware of the lawsuit.

Jason Ader and partner Hana in Miami in 2022. Getty Images for PAMM

“I have no record of receiving service, and this is the first time I’ve seen the complaint,” Ader said in a statement.

“This is a routine commercial matter, and if valid, will be addressed through the proper legal channels,” he added. “To be clear: there is no judgment, and no indication of wrongdoing.”

The revelations are the latest in a line of legal woes for the one-time rising star of Wall Street — most famously a lawsuit from his 82-year-old mother last summer when she accused him of ripping off his late father Richard’s estate.

Jason is being sued by his mother, Pamela Ader. Facebook/Pamela Ader

Pamela Ader took her son to court in August 2024 after he failed to keep up with repayments on a $13 million mortgage linked to his dad’s swanky Upper East Side townhouse. That left Richard’s estate on the hook for the crippling principal as well as hundreds of thousands of dollars in interest and unpaid taxes, according to court papers.

Jason’s father died in September 2023 at age 81 and made his fortune founding US Realty Advisors, which claims to manage $18 billion of assets nationwide. His widow’s lawsuit fails to spell out how much his estate is worth. That case is still ongoing because Pamela is suing her son in a personal capacity, rather than his investment firms.

A transcript of a recent court hearing, published Aug. 1, describes how Ader griped that his parents “stopped paying at some point in time in 2021 for the education expenses” of his children.

Ader had taken out a $13 million loan backed by his now-deceased father Richard’s Upper East Side townhouse. Google Maps

Ader’s ill-fated firm 26 Capital Acquisition Corp filed for Chapter 11 on July 11, listing a slew of unpaid lawyers, accountants, translators, tax officials and PR firms that have lost six-figure or seven-figure sums. The firm also lists two of Ader’s companies, SPAC parent 26 Capital Holdings and SpringOwl Asset Management, as being owed $14 million.

“Throughout this process, I took extreme care to ensure that not a single public shareholder lost any money. In fact, over $275 million in trust proceeds were returned,” Ader told The Post in a written statement.

“SpringOwl and its affiliates are listed as creditors because they provided loans and services to 26 Capital. Those claims, along with certain disputed invoices, are being addressed transparently and lawfully through the bankruptcy process,” he added.

But a US bankruptcy judge in Delaware, Karen B. Owens, stepped in on Aug. 22 to strip Ader of his control of the process, appointing a US Trustee administrator to take charge of settling his debts.

Ader’s woes appear to be linked to his SPAC’s failure to close a $2.5 billion takeover of the Okada casino in Manila in 2023. AFP via Getty Images

The watchdog was set up in 1978 to “prevent fraud, dishonesty, and overreaching in the bankruptcy system.”

“There is no evidence I have seen to date that his related companies provided any services worthy of the billings asserted in the Chapter 11 filing,” said one source close to the situation. “It reeks of gamesmanship and bad faith.”

After making a name on Wall Street in the 1990s as a gaming analyst, Ader co-founded Spring Owl in 2013.

He also once served as a board member of Las Vegas Sands, the Nevada-based casino giant founded by the late Sheldon Adelson.

Delaware judge Travis Laster stopped the casino deal closing NYU Law

But his Manila casino takeover was blocked in September 2023 by Delaware judge Travis Laster, who ruled that the deal could not proceed because Ader had tried to “enrich himself” through “a dodgy bargain.”

26 Capital never disclosed to the casino owners that one of its deal advisers, Zama Capital hedge fund founder Alex Eiseman, also owned more than 60% of a 26 Capital affiliate.

A lowball deal for the casino would therefore benefit Eiseman’s investment and Judge Laster described Eiseman’s work with 26 Capital as “a conspiracy to mislead Universal,” the Japanese gaming firm that owned the property.

Ader’s main investment firm, SpringOwl Asset Management, was originally founded in New York, but SEC filings from 2023 show that it is now headquartered at the upmarket 701 Brickell skyscraper in downtown Miami.

Florida property records lists Ader’s main residence at a swanky apartment condo on the city’s Biscayne Boulevard, where English soccer icon David Beckham also has a plush pad.

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The New York-based powerhouse founded by billionaire David E. Shaw — whose algorithm-driven trades made it the most profitable hedge fund in 2024, raking in $11.1 billion for investors, according to Institutional Investor magazine — has grown remarkably quiet of late when it comes to diversity, equality, and inclusion, sources said.

D.E. Shaw did not respond to The Post’s emailed request for comment for this article.

Billionaire David E. Shaw, who has a long history of donating to Democrats, founded the money-spinning firm in 1988. YouTube/WebsEdge Science

The company, which gave a young Jeff Bezos his big break in finance before he set up Amazon in 1994, has promoted DEI policies for years.

A June 2019 memo obtained by The Post that was written by managing director Eddie Fishman encouraged staffers “to display their pronouns” that “align with their gender identity” in their emails so managers could “foster an inclusive culture.”

The June 2019 memo. Obtained by the NY Post

But a review by The Post of archived pages from D.E. Shaw’s website shows that its DEI language has since been scrubbed, including references to how the firm “actively promotes LGBTQ+ inclusion.” Now, its site merely says it’s seeking “talented people with diverse perspectives and backgrounds.”

One insider said top brass at the Wall Street firm — whose 74-year-old namesake helped bankroll the presidential campaigns of Kamala Harris, Joe Biden, Barack Obama and Hillary Clinton — made “a strategic move” to steer away from full-throated wokeness over fear of catching the attention of the White House.

“There was some concern that aggressive policies would make the firm a target for reprisals by the current administration,” the source said. “And we were about as aggressive as you could get.”

“They were going 100 miles an hour on DEI in public, only then to drop to zero and fall off a cliff,’ said another staffer.

“The communications have certainly been ratcheted back,” claimed a third employee. “It’s not as in-your-face as it once was.”

Amazon founder Jeff Bezos met his ex-wife Mackenzie Scott while working at D.E. Shaw. The then-couple quit in 1994 when Bezos set up the online retail giant. REUTERS

Top DOJ lawyer Harmeet K. Dhillon issued a stern warning to corporate America in a Senate hearing on July 23: “The goal is clear: either DEI will end on its own, or we will kill it.” CQ-Roll Call, Inc via Getty Images

D.E. Shaw’s retreat follows a Supreme Court ruling last month and a White House-led crackdown on corporate DEI policies, which critics say lower performance standards and foster so-called reverse discrimination.

Top Department of Justice lawyer Harmeet K. Dhillon, the assistant attorney general for civil rights, issued the starkest of warnings to corporate America during a testimony to the Senate Judiciary Committee on July 23.

“The goal is clear: either DEI will end on its own, or we will kill it,” the top Trump administration official said.

Nevertheless, five sources with direct knowledge of the matter told The Post that executives at the company — founded by computer scientist Shaw in 1988 after he did stints at Stanford, Columbia and Morgan Stanley — are still paying lip service to wokeness to the rank and file.

“They have said internally that our commitment and programs regarding DEI are not changing,” said another senior D.E. Shaw source, who spoke on condition of anonymity.

“They have themselves in a bit of a bind. They went hardcore DEI to appear progressive and cater to liberal recruits,” a veteran of the firm added. “Internally, they are putting a brave face on it. But they are now very worried that the administration will start looking into them.”

President Trump has ordered the DOJ to crack down on the DEI policies that flourished under the Biden-Harris administration. Bloomberg via Getty Images

The woke job placements mysteriously disappeared from the DE Shaw website after The Post approached the firm for comment about its DEI policies. deshaw.com

Fearing Trump’s ire, the hedge fund appears to have axed its “inclusive” Bridge internship. The program was set up in 2016 for “historically underrepresented” groups in finance.

The ‘woke’ job placement schemes still featured prominently on D.E. Shaw’s website last week. But they have now been deleted after The Post approached the firm for comment on their DEI policies on Friday.

According to an archived version of D.E. Shaw’s Campus website — an online recruitment portal — the firm created three programs aimed at diverse recruitment. Its “Discovery” program was “designed for students who self-identify as women”, while “Momentum” was aimed at those “who self-identify as part of the LGBTQIA+ community

D.E. Shaw also had a program called “Latitude,” which was “for students who self-identify as Native American or Alaska Native, Black or African American, Hispanic or Latino, or Native Hawaiian or Other Pacific Islander.”

One scheme called Momentum was open to students who self-identify as part of the “LGBTQIA+ community.” deshaw.com

Other Wall Street giants including Goldman Sachs, BlackRock, Bank of America and Jamie Dimon’s JPMorgan Chase have scaled back their public commitments to DEI. The Post reported exclusively how Goldman decided to give woke the boot — on its website at least — when its partners met with CEO David Solomon in Miami in February.

The Post attempted to speak to additional employees at D.E. Shaw, but they declined, citing fears of retribution from D.E. Shaw’s management, which has even been known to weigh in on whether employees can attend social gatherings with people who have left the company.

“It is definitely something that people are talking about at the firm,” a separate person briefed on the matter told The Post.

“The irony is that the whole firm is still very white and very male,” said another source.

Former Treasury Secretary Larry Summers is one of the biggest names among the DE Shaw alumni. He served both the second Clinton and first Obama administrations. Getty Images

The hedge fund’s leadership team counts two females, Alexis Halaby and managing director Anne Dinning, amongst its ranks.

The firm last made major headlines in 2022 when it was forced to pay a $52 million defamation settlement to one of its former rising stars, Dan Michalow, after an arbitration panel found that it had falsely accused him of sexual misconduct.

Michalow, who always denied any wrongdoing, left the company not long after the start of the #MeToo movement, where hundreds of rich and powerful men were accused of sexual misdeeds.

Aside from Amazon’s Bezos and his ex-wife, Mackenzie Scott, D.E. Shaw’s most famous alum is arguably Lawrence Summers.

He served as treasury secretary under Bill Clinton and as director of Barack Obama’s National Economic Council.

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Hochul on Thursday proposed several measures to the state budget that would prevent institutional investors from bidding on homes in the first 75 days that they are listed on the market.

The governor’s plan also calls for removing certain tax benefits such as interest deductions for firms that buy the homes at well above market value.

New York Gov. Kathy Hochul wants to limit investment in residential real estate by private equity firms and hedge funds. Andrew Schwartz / SplashNews.com

Hochul said in a statement that “shadowy private equity giants are buying up the housing supply in communities across New York, leaving everyday homebuyers with fewer and fewer affordable options.”

But advocates for landlords panned the proposals. James Whelan, president of the Real Estate Board of New York, told the New York Times that it was “another example of policy that will stifle investment in housing in New York.”

The soaring cost of housing is primarily a problem that has been caused by the lack of supply, according to experts.

Between 2012 and 2022, New York state added approximately 462,000 housing units, marking a 5.7% increase — a growth rate that is below the national average.

New York state ranks 32nd in the nation in housing unit growth during this period, according to data compiled by the Office of the State Comptroller.

Private equity firms own more than 500,000 homes nationwide, according to the governor’s news release, with some estimates expecting the firms to own up to 40% of the single-family rental market by 2030.

The soaring cost of housing in New York state has become a hot-button political issue. bilanol – stock.adobe.com

There were more than 145 million housing units in the country in 2023, according to US Census data.

A report from Harvard University’s Joint Center for Housing Studies found that non-individual investors — which includes landlords who form limited liability corporations — owned a quarter of single-family rentals in 2021.

Larger investors tended to buy newer and bigger homes in places with population growth and rapid rent increases, according to the report.

Lobbyists for landlords criticized the proposals, saying they will stifle investment. Christopher Sadowski

A different report from the US Government Accountability Office found that the country’s five largest institutional investors owned nearly 2% of all single-family rental homes nationally in 2022, with the issue most pronounced in Sun Belt states.

Hochul, a Democrat, has rolled out a series of economic proposals for the state’s legislative session that are geared toward addressing the state’s high cost of living.

On Thursday, she also announced proposals to incentivize the construction of starter homes and help first-time homeowners with down payments.

With Post wires

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Lasry — the co-founder of Avenue Capital Group and a major fund-raiser for Democratic presidential candidate Kamala Harris — allegedly forcibly kissed and groped Gina Strum, according to her complaint filed Wednesday in New York State court.

“Lasry sexually abused [Gina] Strum on a continuing basis during the course of her employment,” the lawsuit alleged.

Gina Strum alleges that Marc Lasry sexually abused her for years. Faith Jason Adrian

Strum, who worked in business development at Avenue from 2009 to 2013, also sued Lasry for discrimination and retaliation. The complaint includes discrimination claims against Lasry’s sister and Avenue co-founder Sonia Gardner.

Lasry and Avenue had filed a suit last Friday against Strum accusing her of demanding $50 million to keep her from spilling dirt on him and the firm.

“Ms. Strum’s desperate attempt to claim that Mr. Lasry acted inappropriately and sexually harassed her are completely not true,” an Avenue spokesman told The Post on Thursday.

“Avenue on October 18 filed a lawsuit against her for defamation. They refused to pay her extortionate demands. Her claims filed yesterday include further statements that are defamatory and false. Mr. Lasry, and Avenue will respond to Ms. Strum’s false defamatory statements and defend their reputations to the full extent of the law,” the rep added.

Daniel Kaiser, one of Strum’s lawyers, claimed Lasry filed his suit in a preemptive attempt to silence his client.

Marc Lasry is a prominent figure in hedge fund circles, the Democratic Party and the NBA. Sportico via Getty Images

The 65-year-old Lasry, who is married and has five kids, has claimed that Strum’s alleged threats began soon after she left the firm.

She received a severance package for an undisclosed sum and continued to work as a consultant for Avenue over the past decade, according to Lasry’s lawsuit.

Gina Strum was a public face for Lasry when raising funds. Will Ragozinno/BFA / Shutterstock

Strum’s countersuit alleges that Lasry began sexually harassing her soon after she was hired and continued through this year when she was a consultant for the firm.

“Lasry made it clear to Strum that he wanted both a romantic and sexual relationship with her, despite Lasry being married,” the complaint alleged.

Strum was “appalled” by Lasry’s request and immediately turned him down, her suit alleges.

But that allegedly didn’t dissuade Lasry, the former owner of the NBA’s Milwaukee Bucks.

“Throughout her employment, Lasry frequently forced Strum against her wishes and without her consent to hug Lasry so that he could press against her breasts and grope her,” the suit alleges.

Lasry painted a different picture in his lawsuit

He alleges that Strum sent him inappropriate emails and texts, including one saying, “You are a lovebug to me.”

The mogul has been raising money for Democratic Presidential Nominee Kamala Harris, including organizing a Zoom call in July to rally financial support among fellow Wall Street bigwigs.

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The Avenue Capital Group co-founder accused Gina Strum of threatening to make it “really, really, ugly” for Lasry and his company unless he forked over the money, according to the complaint, which was filed Friday in New York State court.

Strum was a senior vice president and then a senior managing director at Lasry’s Park Avenue firm from 2009 to 2013, according to public records.

Milwaukee Bucks Co-Owner Marc Lasry holding up the 2021 NBA Championship Trophy. NBAE via Getty Images

Lasry — the 65-year-old former owner of the Milwaukee Bucks and a major Democratic fund-raiser for Vice President Kamala Harris — claimed in the lawsuit that Avenue gave Strum a severance package in 2013 after she threatened to make false accusations about the firm.

The company, which Lasry co-founded with his sister Sonia Gardner, also agreed to keep Strum on as a consultant if she could not find another job “rather than face undue fallout from a public report of false accusations,” according to the complaint.

However, her contact with Lasry over the past decade “veered towards the personal, obsessive and simply inappropriate,” the lawsuit alleged.

“Plaintiffs suffered through Ms. Strum’s conduct because they concluded that, if they did not, she would carry out her malicious threats to damage them,” the complaint claimed. “In retrospect, the decision to engage with Ms. Strum and accede to her demands was misplaced, as Ms. Strum was unable (or unwilling) to find another job and always returned to demand work and money from Avenue.”

Lasry’s former senior managing director allegedly called him a lovebug. Bloomberg via Getty Images

Strum — who got her undergraduate degree from the University of Illinois at Chicago in 1999, according to her LinkedIn account — allegedly sent the married Lasry lurid emails and texts.

In one message, she wrote “Black and navy are your colors. I remember the first time I met you . . . You were in a black turtleneck. I started sweating,” according to the complaint.

In another, Strum allegedly said, “You are a lovebug to me.”

Lasry is a major Democratic fund-raiser and has long supported Kamala Harris. AP

Her lawyer Daniel Kaiser refuted the allegations, telling Bloomberg News the lawsuit was “blatantly fabricated and retaliatory, a continuation of his attempt to control and harass Ms. Strum.”

The Post reached out to Strum and Kaiser for comment.

During her stint at the firm, Strum would accompany Lasry to raise funds from pensions like Philadelphia’s and the New Hampshire Retirement Systems, according to public records.

Chelsea Clinton worked at Lasry’s firm from 2006 to 2009. Getty Images for Hearst

Strum started her own firm, Calamos Avenue Management in 2019, according to her LinkedIn account.

That same year, Strum and Avenue agreed she would be paid $750,000 for some consulting work, the complaint alleged. But after Strum was paid the final installments on that deal earlier this year, she “renewed her extortionate threats,” according to the lawsuit.

An Avenue spokesperson told The Post: “Ms. Strum … has repeatedly threatened to smear the reputations of Mr. Lasry, Avenue, and Ms. Gardner, with the stated and malicious intent to destroy their business. This lawsuit aims to bring that to an end.”

Avenue, which specializes in buying distressed assets, has $12 billion in assets under management.

The firm had famously hired Chelsea Clinton, the daughter of the former president and the former secretary of state, from 2006 to 2009.

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