Gareth Williams

Another Cayman Islands mutual fund - SPI Investment Fund SPC - affiliated with Miami Beach-based Swedish national Dennis Klemming's Prudent Group has gone into liquidation - 21 months after its independent directors were removed after uncovering evidence of fraud.

Director Details for SPI Investment Fund SPC, obtained fro the Cayman Islands General Registry on December 20th, 2023.

Petition for Court Supervision of a Voluntary Liquidation in the matter of SPI Investment Fund SPC (in Voluntary Liquidation) at the Grand Court of the Cayman Islands.

Two Cayman Islands investment funds operated by Miami Beach-based Swedish citizen Dennis Klemming - Cayman Investment Funds Master SPC and Cayman Investment Funds SPC - have gone into liquidation after being unable to satisfy investors' redemption requests totaling nearly $50 million.

Petition for Court Supervision of a Voluntary Liquidation in the matter of Cayman Investment Funds Master SPC (in Voluntary Liquidation) at the Grand Court of the Cayman Islands.

One day after being accused of fraud by independent directors of his Cayman Islands mutual fund, Swiss asset manager Marc-André Pépin removed them and then withdrew their winding up petition, OffshoreAlert can reveal.

Director Details for SPI Investment Fund SPC, obtained from the Cayman Islands General Registry on July 8th, 2022.

Order for Leave to Withdraw Winding Up Petition in the matter of SPI Investment Fund SPC at the Grand Court of the Cayman Islands.

Director Details and Search Report for Cayman Investment Funds Master SPC, obtained from the Cayman Islands General Registry on March 19th and March 21st, 2022.

In a winding-up petition, Swiss investment manager Marc-André Pépin has been accused of "fraudulent misconduct and mismanagement" by Cayman Islands-domiciled SPI Investment Fund SPC, whose investors' funds have allegedly ended up in questionable arrangements with entities operated by Prudent Group, Dennis Klemming, and Jacob Gitman, all of Miami, Florida.

Director Details and Search Report for SPI Investment Fund SPC, obtained from the Cayman Islands General Registry on March 21st, 2022.

Corporate Report for Prudent Investment Fund, obtained from the Luxembourg Business Register on March 16th, 2022.

Annual Report, including audited financial statements for the year ended December 31st, 2019, for Prudent Investment Fund, of Luxembourg, which includes a disclosure that the Fund's authorization to act as an investment fund had been "withdrawn" by the Luxembourg CSSF, causing auditor Mazars to state there was "significant doubt on the going concern of the Company".