Accountant Karl Schranz and lawyer Christian Ellul have been banned by the Malta Financial Services Authority for their "lack of honesty and integrity".
The closure of the Malta operations of Argentarius Group, which now operates in the Cayman Islands as iMaps Capital, coincided with preliminary legal action against it by the Bank of Valletta regarding an alleged investment fraud that resulted in losses of at least €79 million, OffshoreAlert can reveal.
Amid legal and regulatory issues, Argentarius Group - which provides low-cost, regulation-free investment funds to asset managers, particularly fraudsters - has closed down in Malta, having moved its headquarters to the Cayman Islands, where it operates as iMaps Capital.
OffshoreAlert has uncovered more red flags concerning the Argentarius Group, which operates investment platforms in Malta, Gibraltar and the Cayman Islands. PwC has become the second auditor to be 'removed' in less than three years, while Argentarius' predecessor firm - Minerva Investments - collapsed amid a fraud investigation by the financial regulator in Liechtenstein.
Former Malta Finance Minister Tonio Fenech has been banned from accepting any new appointments with regulated entities by the Malta Financial Services Authority for failing to adequately supervise a company of which he is a director and whose investors were allegedly swindled out of up to €247 million. Fellow Malta nationals Ian Zammit and Joseph Xuereb were similarly penalized.
Argentarius Group, which operates investment platforms in Malta, Gibraltar and the Cayman Islands on which several suspect schemes have been trying to raise funds, has been kicked off the Gibraltar Stock Exchange.
Banned company director and serial fraudster Brett Jolly has resurrected his failed Privilege Wealth investment scheme under a new name - Creditech - using as fronts two well-connected British nationals who quickly resigned after being contacted by OffshoreAlert, we can reveal.