Under Cover of Knight | Episode 11: Introducing The Pirate of Prague

Release Date: November 13, 2023
Host: Joe Nocera (for The Pirate of Prague, featured in Under Cover of Knight)
Produced by: Apple TV / Spoke Media
Episode Focus: The rise and schemes of Victor Khajani, the infamous "Pirate of Prague," and how he seduced the elite into his grand oil scam.

Episode Overview

This episode kicks off a tale of audacious ambition, deception, and seduction in the world of international finance. It introduces Victor Khajani—once a multimillionaire with dreams of controlling the oil of an entire nation—who now lives in obscurity in a rundown Bahamian motel. Through interviews, eyewitness accounts, and immersive storytelling, Joe Nocera and co-host Peter Elkind unravel how Victor charmed his way into Aspen high society and orchestrated an international con centered on the privatization of Azerbaijan’s oil industry. The episode zeroes in on a legendary Aspen party that set the stage for Victor’s most audacious scheme.

Key Discussion Points & Insights

1. Opening: Tracking Down Victor Khajani (00:08–01:59)

• Joe Nocera and Peter Elkind try to locate Victor Khajani in a shabby motel in the Bahamas.
• Despite Victor's former wealth, his current surroundings are a stark contrast: "This place, it's a wreck. And Victor, he was once seriously, seriously loaded." (Joe Nocera, 01:59)

2. Who is Victor Khajani? (02:00–05:32)

• Victor is described as an oligarch, “the one who showed all the other oligarchs how to be an oligarch,” and a quintessential charmer. He is from the Czech Republic—not Russian—and was known for having “millions and millions of dollars.”
• Guests and those close to Victor remember him as both dazzling and dangerous:
  • "I was mesmerized … wildly attracted … I had never met anyone like him." (Kendall Callahan, 05:05)
  • “He’s brilliant. Victor's brilliant.” (Kendall Callahan, 08:38)
  • “The thing that I loved about him, which was his brilliance, was also the thing that was lethal about him.” (Kendall Callahan, 09:08)

3. The Aspen Arrival and Aura (06:47–10:24)

• Victor arrives in Aspen, Colorado (Christmas 1997), making an immediate impression by buying “the Peak House” on Red Mountain for almost $20 million in cash.
• Tales abound of Victor’s limitless spending, famously sending an $8,000 bottle of wine back at a London restaurant.

4. The Legendary Aspen Party (10:24–24:19)

• Victor throws an extravagant party, orchestrated by renowned party planner Peter Helburn.
• The guest list swells to around 500 of Aspen’s, and even the world’s, richest and most connected individuals. “Everybody who was anybody was there... if you didn’t get [an invitation], well, you were a nobody.” (Joe Nocera, 11:37)
• The evening features:
  • Free-flowing high-end wines (Cristal, Château Petrus)
  • A seven-course dinner (including bird's nest soup and smoked elk tenderloin)
  • Elaborate party favors (“I got gold cufflinks and I think he gave my wife a diamond.” – Aaron Fleck, 27:28)
  • A surprise live performance by Natalie Cole (“...people were blown away. It was really amazing because she had polished off most of the bottle of Grand Marnier before she even performed.” – Peter Helburn, 24:19)

5. The Bait: Victor’s Grand Deal (24:19–30:03)

• Amidst the festivities, Victor subtly pitches an “opportunity of a lifetime”: buying into Azerbaijan's oil through its state company, SOCAR, supposedly being privatized.
• Key guests—money managers like Aaron Fleck, wealthy investors, celebrities—are ripe targets. Victor claims he can secure the entire company: “According to Victor, he could get his hands on the whole thing.” (Peter Elkind, 28:18)
• Projected returns are outlandish (“We talked about the potential of many billions of dollars...more than 100 times your investment.” – Aaron Fleck, 29:01)

6. The Seduction and Aftermath (30:03–31:07)

• Victor’s spell is cast through charisma, opulence, and exclusivity, pushing guests to overlook prudent investing instincts.
• “They barely knew the guy, but they were about to part with millions and millions of their hard earned dollars.” (Joe Nocera, 29:11)
• “For him, the shrapnel doesn't matter.” (Kendall Callahan, 30:03)
• His ex-wife reflects on his complex legacy: “I understand how people are swayed by his charisma...that brought a lot of big people down.” (Kendall Callahan, 30:19)
• Aaron Fleck sums up the betrayal: “I treated him like he was part of my family, like he was a son. Do I hate him? I know who he is. That's all.” (Aaron Fleck, 30:55)

Notable Quotes & Memorable Moments

• On Victor’s Downfall:
  “How does a guy like that end up in a place like this?”
  —Joe Nocera (01:59)

• On Victor’s Personality:
  “He was a schmoozer, a charmer. And unlike those other oligarchs, this guy's not Russian. He's from the Czech Republic. The tabloids called him the Pirate of Prague.”
  —Joe Nocera (04:27)

• On Aspen’s High Society:
  “Aspen… the sort of place where you can't buy a house unless you've really made it.”
  —Joe Nocera (06:55)

• On the Over-the-Top Party:
  “Chateau Petrus, baby.”
  —Joe Nocera (17:43)

• On the Con’s Power:
  “Victor's illusion appeared so complete, so believable, so utterly perfect, that these people were about to ignore everything they'd ever learned about investing and make quite possibly the worst decision of their lives.”
  —Joe Nocera (31:07)

Key Timestamps

• 00:08–01:59 – Tracking Victor in the Bahamas
• 05:05–06:07 – Character sketches of Victor by ex-wife & observers
• 06:47–10:24 – Setting the Aspen scene and acquiring Peak House
• 10:24–14:17 – Party planning and extravagant invites
• 17:13–18:00 – The scale of opulence and cost
• 24:19–24:43 – Natalie Cole’s live performance
• 27:28–27:37 – Lavish party favors
• 28:04–28:44 – Introduction to the Azerbaijani oil deal
• 29:01–29:11 – Unbelievable promises of return
• 30:03–31:07 – Psychological insights and foreshadowing the aftermath

Tone & Language

The episode maintains a witty, cinematic, and conversational tone, with Joe Nocera’s narration mixing skepticism, admiration, and a sense of dramatic irony. Interviewees reminisce with awe, regret, and sometimes bitterness—especially those who lost more than just money.

Summary Takeaway

Chapter One of “The Pirate of Prague” brilliantly sets up Victor Khajani as a dazzling, dangerous figure whose charms masked the makings of an epic scam targeting Aspen’s elite. Through lush detail and firsthand accounts, listeners glimpse how a meticulously crafted illusion can seduce even the most sophisticated investors and how, behind the opulence, lurked devastation for those drawn into Victor’s orbit.