Investors who were defrauded in St Vincent’s Classic Card Fund (“TCCF”) and Classic Investment Fund (“CIF”), overseen by Italian national Filippo Pignatti from Switzerland, have notified the Caribbean Financial Actions Task Force regarding the money laundering violations that took place in both funds.
The Caribbean Financial Action Task Force is an organisation comprising states and territories within the Caribbean basin that have committed to implementing unified counter-measures to combat money laundering and the financing of terrorism.
TCCF and CIF investors have raised concerns with liquidator Brian Glasgow and the SVG Financial Services Authority, specifically enquiring about how a non-existent fund administration company, Fortuna Administration of Trust House, Bonadie Street, Kingstown, represented companies in Liechtenstein (Scarabaeus Wealth Management) and Bulgaria established by fund directors Michael Zuther and Patrick Demi.
The funds represented a meticulously planned scheme involving financial fraud and money laundering, utilising classic car investments as a lure. Pignatti’s brother manages the Ferrari museum in Italy, enhancing Pignatti’s reputation as an investor.
According to information and belief, ten classic cars “disappeared” from a garage in Zurich, Switzerland, in mid-2022, as the investigation intensified regarding Pignatti.
