Prince Andrew facilitated a private tour of Buckingham Palace in June 2019 for two businessmen from a cryptocurrency mining firm. His ex-wife, Sarah Ferguson, was a "brand ambassador" for this firm, Pegasus Group Holdings, under a contract that included payments of over £200,000 and a potential bonus of £1.2 million. The cryptocurrency project later failed, leading to investor lawsuits.
Palace Visit Details
In June 2019, Jay Bloom and Michael Evers, co-founder and colleague/investor respectively of Pegasus Group Holdings, were driven into Buckingham Palace in a vehicle associated with Prince Andrew. The visit occurred while the late Queen was in residence, with palace security staff appearing to expect the vehicle. After being met by a greeter inside the palace, Mr. Evers stated they had a brief meeting with the Queen, though Mr. Bloom denied this, initially claiming he visited as a tourist and later admitting he met a "staffer" and Prince Andrew to thank him for arranging the tour.
Later that day, Mr. Bloom and Mr. Evers attended Andrew's Pitch@Palace event at St James's Palace and dined that evening with Prince Andrew, Sarah Ferguson, and their daughter Princess Beatrice. Mr. Bloom made a second visit to Buckingham Palace in July 2019.
Sarah Ferguson's Role and Compensation
Sarah Ferguson began a friendship and business relationship with Jay Bloom in May 2018. She became a "brand ambassador" for Pegasus Group Holdings, a role described as engaging with the company's clients, investors, and strategic relationships, as well as involvement with planned philanthropic activities. Her contract, signed in October 2019 with Alphabet Capital (a British company whose owner, Adrian Gleave, ran caravan and holiday parks), stipulated over £200,000 for her work and a potential separate bonus of £1.2 million. The contract also included provisions for first-class travel, five-star hotels, and professional hairdressing and make-up services for up to four networking events. It specified that she did not "hold herself out as an expert on the solar industry" and accepted no responsibility for "industry-related information or commercial assessments" used in her promotional statements.
In September 2019, Ms. Ferguson attended a "groundbreaking" event for Pegasus's energy project in the Arizona desert, arriving by helicopter and giving a speech praising the company and its potential philanthropic uses.
Pegasus Group Holdings Project Failure
Pegasus Group Holdings aimed to use thousands of solar power generators to mine Bitcoin at a remote site in the Arizona desert. The project ultimately failed, acquiring only 615 of the planned 16,000 generators and mining approximately $33,779 (£25,000) in cryptocurrency. Mr. Bloom's past ventures include a failed Mafia-themed museum in Las Vegas, where he faced accusations of missing payments and deceiving investors, which he denied. Pegasus had initially pursued plans for a hotel and casino in Greece before pivoting to the crypto-mining concept in early 2019.
Financial Transactions and Legal Actions
In April 2021, some investors initiated legal action against Pegasus Group Holdings, alleging millions of dollars in unaccounted investor funds. In 2023, the Commercial Arbitration Tribunal in the US awarded investors $4.1 million. Mr. Bloom is seeking permission to appeal these findings, stating that Pegasus disputes "any allegations of misconduct" and is addressing the arbitral findings through legal processes.
High Court rulings in London in 2024 revealed that Sarah Ferguson received over £200,000 for her work from Alphabet Capital. Prince Andrew also received £60,500 from Adrian Gleave and his businesses. Neither Andrew nor Mr. Gleave have publicly explained the purpose of these payments. Mr. Bloom stated he was unaware of Alphabet or Mr. Gleave and denied any connection with Pegasus.
Prince Andrew and Sarah Ferguson did not respond to the BBC's detailed questions regarding their involvement with Mr. Bloom and Pegasus. Michael Evers expressed regret over his involvement with Pegasus and stated he is still owed money, though he noted Mr. Bloom was working to repay investors.
Associated Events and Connections
The revelations contribute to ongoing scrutiny regarding Prince Andrew and Sarah Ferguson's financial arrangements and business connections. In October 2019, a month before Prince Andrew's BBC Newsnight interview concerning his connections to Jeffrey Epstein, Sarah Ferguson signed her contract with Alphabet Capital. Buckingham Palace announced the formal process to strip Prince Andrew of his royal titles and residence following criticism related to his links with Jeffrey Epstein.