Published in late May 2023, the recent liquidator’s report was sent to shareholders, and confirmed fraud and potential fraud committed by Filippo Pignatti, the investment manager, and other parties.
Following financial investigations by Intel Suisse, brought in by shareholders to discover where losses had arisen, the report made reference to :
– various breaches of investment manager and director duties (Pignatti was also a director)
– breaches of custodial ownership, in reference to up to 12 missing cars owned by the Classic Car Fund
– diversion of client funds into Pignatti’s private client UK company
– presentation of misleading and false Net Asset Values in order to lure investors
As a result of the above, multiple criminal complaints have been made against service providers and other parties in various European jurisdictions.
The role of Scarabeus Wealth Management of Liechtenstein, with the fictititious SVG fund administrator Fortuna Administration, and the 2 directors Michael Zuther and Patrick Demu have also been exposed.
Says Clive Evans, who represents 9 clients investing in The Classic Car Fund in late 2018/2019, after a major, illegal loan had already defaulted “Pignatti came to my office in France in Mid- September 2018, ostensibly to do attend the Monaco yacht show – and with a straight face promoted the TCCF performance, never mentioning a defaulted loan or any of the issues that have now come to light. It is time he paid the penalty for his actions”
