An Auction House Learns the Art of Shadow Banking

  • Lending by Sotheby’s tripled to $682 million in four years
  • Malaysian financier in money-laundering probe got a loan

Jho Low.

Photographer: D Dipasupil/FilmMagic via Getty Images

A year before he got caught up in a U.S. money-laundering investigation, Malaysian financier Jho Low was looking to borrow more than $100 million without having to answer all the nosy know-your-customer questions required by U.S. banks such as JPMorgan Chase & Co.

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