In light of a newly disclosed report from the liquidator of The Classic Car Fund (TCCF), an additional investor who has been victimized by fraudulent activities has joined the European criminal complaints.
Filippo Pignatti, an investment manager, has been accused of orchestrating investor losses by diverting funds, concealing investment vehicles, and providing misleading information regarding investment activities and share price valuations.
Recently, a judge in the German courts made a ruling regarding the actions of Pignatti. It was determined that Pignatti had compromised the process of using borrowers’ cars as collateral for a loan. These transactions took place at the offices of Scarabaeus in Liechtenstein.
It is worth noting that Scarabaeus is alleged to be the owner of Fortuna, a fund administrator that does not actually exist and is based in St. Vincent. This information was concealed from investors.
Consequently, the TCCF (The Capital Conservation Fund) did not receive complete protection upon the default of the loan within a one-year timeframe, despite the fact that this particular loan constituted more than 20% of the TCCF’s total assets and encompassed all available liquid funds designated for investment purposes.
The liquidator of TCCF is expected to pursue the recovery of any incurred losses from Pignatti himself, with the intention of reimbursing investors who have suffered a complete loss of their invested funds.
The current events have been brought to the attention of the SVG Director of Public Prosecutions and the Financial Services Authority, which serves as the regulatory body overseeing financial activities.
