Podcast Summary: The Journal. – "The Case of the Missing $15 Billion Fortune: Part 2"
Date: November 26, 2025
Hosts: Jessica Mendoza, Ryan Knutson
Main Reporter: Nick Kostoff

Episode Overview

This episode continues the high-stakes saga of Nicolas Puesch, an heir to the Hermès fortune, and the mystery surrounding his vanished $15 billion inheritance. Building on Part 1, Part 2 uncovers the shocking truth behind the fortune's disappearance, the role played by longtime financial advisor Eric Fremont, and the devastating personal consequences. Through investigative reporting and exclusive access to documents and testimony, the episode reveals how trust, secrecy, and alleged betrayal can unravel even the grandest of legacies.

Key Discussion Points & Insights

1. The Sudden Death of Eric Fremont

• [00:00 – 00:54]
  • Eric Fremont, Nicolas Puesch's financial advisor of decades, is found dead in what police treat as a suicide.
  • Fremont was under immense pressure, facing lawsuits from Puesch for alleged fraud involving billions.

Quote:
"He'd basically been hit by a train and... and that was it."
— Nick Kostoff [00:44]

2. The Puesch-Fremont Relationship: Trust and Total Control

• [03:09 – 05:08]
  • Their relationship began in the 1980s; Fremont rose to handle nearly all aspects of Puesch's life.
  • As family conflict escalated (notably after LVMH’s secret Hermes stake in 2010), Fremont became Puesch's gatekeeper and confidant.

Quote:
"He's the guy who moved Puesch's shares from bank accounts in France to bank accounts in Switzerland. And then he would invest Pwy's money."
— Nick Kostoff [03:45]

3. A Suspicious Transaction Sows Doubt

• [05:24 – 07:13]
  • A failed million-franc gift to a trusted handyman’s family exposes Fremont’s deceit to Puesch, shattering trust.
  • The handyman’s wife confirms they never received the money.

Quote:
"She tells Pwesh, listen, Fremont's not telling the truth here...And at this point, Nicolas Puesh begins to have doubts."
— Nick Kostoff [06:54]

4. The Audit Uncovers a Major Betrayal

• [07:19 – 10:58]
  • Puesch commissions a full audit; findings reveal that Fremont had, contrary to years of denials, sold off 90% of Puesch's Hermes shares to LVMH amid its takeover bid.
  • Subsequent sales occurred in secret, with Fremont pocketing funds and investing in eclectic ventures and personal luxuries.

Quote:
"By mid 2008, 90% of Puescha's Hermès shares were gone, sold by Fremont to LVMH."
— Jessica Mendoza [08:30]

• Fremont invested in art (filling mansions and a palazzo), film, hydrogen projects, and biotech, with questionable motives and tracking.

5. Puesch’s Testimony and Fremont’s Own Account

• [10:58 – 16:16]
  • Puesch accuses Fremont of being a “con man” and “even a gangster,” alleging complete control and isolation in his life.
  • Fremont, before his death, testifies to French authorities—initially lying, then revising answers post-breaks.

Quotes:
"Fremont contested the results of the audit, saying he hadn't been consulted and that the report didn't include all of Pwesh's assets."
— Jessica Mendoza [16:16]

6. Bombshell—Fremont’s Claims of a Secret Romance

• [13:14 – 15:46]
  • In interviews, Fremont suddenly alleges a secret romantic relationship with Puesch, contradicting years of denial and Puesch’s own statements.
  • Fremont ultimately admits to selling the Hermès shares with Puesch’s knowledge, reversing his earlier denials.

Notable Moments:

• “So, in a nutshell, the story that Fremont tells investigators is Pwesh was my lover.”
  — Nick Kostoff [14:05]

• “Which, wow.”
  — Jessica Mendoza [14:41]

• Fremont’s self-serving admission: “Probably my looks…The fact I respected him, et cetera, et cetera.”
  — Nick Kostoff [14:43]

• Investigators catch Fremont in contradictions; his narrative unravels as evidence piles up.

7. Aftermath: Ruined Fortunes and Broken Ties

• [16:57 – 19:15]
  • French authorities file charges against Fremont just before his death.
  • Puesch is left nearly penniless, owning a fraction of a real estate company and dependent on support from family and friends.
  • Emotional toll: Puesch loses not just wealth, but family and social connections.

Quotes:
"From what he told investigators, he had about a million euros in a Hermes real estate unit and apart from that, he says he has zero."
— Nick Kostoff [17:37]

"And he's still discovering new losses. Earlier this year, he found out...his home in Switzerland...isn't even his anymore. It belongs to his foundation."
— Jessica Mendoza [17:59]

8. Closing Image: From Private Jets to EasyJet

• [19:15]
  • Once a high-flying heir, Puesch now flies budget airlines, emblematic of his complete fall from gilded grace.

Quote:
"Instead, the Hermes heir was flying EasyJet, the famously low budget European carrier. He squeezed into the middle seat, settled in and took off."
— Jessica Mendoza [19:15]

Notable Quotes & Memorable Moments

• "Not many people feel sorry for him, but I got to say I do."
  — Nick Kostoff [19:13]
• On Fremont's art collection: "You would pick up what you thought was a salt or pepper shaker and it would turn out to be...a piece of modern art."
  — Nick Kostoff [09:23]

Important Segment Timestamps

• 00:00–01:00 — Fremont’s suicide & immediate aftermath
• 03:09–05:08 — The deep entwining of Fremont and Puesch’s lives
• 05:24–07:13 — Discovery of the first lie (handyman gift)
• 07:19–10:58 — Audit revelations: The missing fortune mapped
• 13:14–16:16 — Fremont’s interview with French investigators; personal revelations
• 16:57–19:15 — The fallout: legal charges, Fremont’s suicide, Puesch’s poverty

Tone & Style

The episode marries classic investigative journalism with a tone of incredulity and somber empathy. Mendoza and Kostoff allow the gravity of betrayal and the loss to stand starkly against the backdrop of luxury and privilege, while never losing sight of the human elements—loneliness, trust, and manipulation.

Conclusion

Through documents, interviews, and exclusive access, the Journal paints a vivid portrait of a nearly unthinkable betrayal nestled inside a world of wealth. The episode closes with the image of Nicolas Puesch, once owner of palazzos and Hermès shares, now flying economy—a symbol of riches lost and a lesson in the dangers of unchecked trust.