CIMA seizes control of suspected Ponzi scheme


The Cayman Islands Monetary Authority (CIMA) has seized control of AAA Venture Fund SPC Limited. Press reports have suggested the CIMA suspects the fund was acting as an alleged Ponzi scheme.

The CIMA has appointed Kenneth Krys and Margot MacInnis from Krys Global, a firm that specialises in complex cross-border issues in the area of fraud investigation and asset recovery, to assume control of the affairs of the fund under Section 30(3)(e) of the Mutual Funds Law (2012 Revision).

This means they have assumed immediate control of the affairs of the fund and have all the powers necessary, to the exclusion of any operator, to administer the affairs of the fund in the best interests of the investors and creditors.

As such, the directors of the fund, Peter Obrist and Didier van Caloen, no longer have the authority to act on behalf of the fund without the express written permission of the controllers.

Cayman Funds