- St Vincent Classic Car Fund
Defrauded investors in The SVG Classic Car Fund (“TCCF”) and Classic Investment Fund (“CIF”), managed by Italian national Filippo Pignatti from Switzerland, are pressuring the St Vincent’s Financial Services Authority (“FSA”) to act with greater diligence regarding these financial scams.
The FSA “oversees and supports the international and non-bank financial services sector to ensure it follows global best practices. Such oversight helps to keep the sector safe and trustworthy, boosting the reputation of SVG as a reliable and strong financial hub.”
The FSA’s tardiness in sanctioning Pignatti, co-directors Michael Zuther and Patrick Demi, and the fictitious Fortuna Administration, a front company for Liechtenstein-based Scarabaeus Wealth Management, contradicts its mandate to maintain SVG’s reputation as a financial centre.
Intel Suisse, the financial fraud investigator run by David Mapley, has alerted the SVG authorities to potential widespread abuse by Liechtenstein entities, taking advantage of a “too light” regulatory regime.
As such, Mapley suspects even more investment funds may have defrauded investors and raises red flags on various other fund entities he deems suspicious.
The Minister of Finance must be concerned, especially with the Caribbean Financial Actions Task Force now alerted to the money laundering breaches that occurred in both Pignatti’s investment funds.
