in LFP I - Blackstar Commodities fund a Euro 6 million Luxembourg "regulated" fraud that wiped out people's retirement savings & pensions!! LFP I SICAV was run by an Organised Financial Crime Group regulated by the CSSF in Luxembourg, and almost € 100 million of investors' savings, pensions and retirement plans were wiped out!! Who suffered? Blackstar Commodities, FTSE-100 NMC Health, then Credit Suisse - Blackstar was the "vampire squid" of Luxembourg!! |
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This family of funds was regulated in Luxembourg by the CSSF, had PWC as its auditor, had ABN Amro Bank as custodian, then SocGen bank, and Apex Group Malta as fund administrator. Luxembourg Fund Partners, now Alter Domus Management, were the fund managers. With hindsight it is strange that such a complex investment fund should be primarily run via a Hong Kong company, World Accord Limited, with directors Stephens, McGrath, Leleux, and Renaux, overseeing all investment decisions. World Accord was audited by a small high street accounting firm in West London, SMB Professional, who sent its annual accounts to PWC in Luxembourg, who never conducted any real investigation into these numbers... But with positive fund returns every year, and cash dividends paid in 2014 and 2015, why dig too deep???? This regulated, PWC-audited fund seemed a sure-fire investment, until its total collapse to zero mid 2017. NB. sister funds Columna Commodities and Aventor funds collapsed in 2016, also now identified as Ponzi schemes...
As for the fraudsters and inept service providers?? Nothing - they have all got off scott-free!! A financial fraud investigator voted in as director in late 2018 initiated over 40 law suits, criminal and civil, against many parties involved in LFP I, but this and complaints to the European regulators about the CSSF ruffled too many feathers so he was banned as a LFP I director by the CSSF in May 2020. Blackstar and the other defrauded sister fund/Ponzi schemes are now in the hands of a liquidator, a one-man band with little prior fund experience who continues to scratch his head in bewilderment while little progress re recovery of shareholders' money is made. David Mapley, the ex-director #luxembourgwhistleblower who investigated the financial losses and frauds, remains confident of recovery of all our monies, except that the Duchy of Luxembourg is engaged in one big cover up. His upcoming book #adirtyfund should ruffle more feathers and expose all the misdeeds...
Re Luxembourg Financial Partners was effecively an Organised Financial Crime Group - refer to LFP Prime SICAV and Alliance Omnibus SICAV - same team, same results!!
Here is the Luxembourg Times article that exposed the story "A €100 million vanishing act" - that came out in March 2021. Luxembourg Times Expose!
Here is the web-site presented by the investigating directors that gives a detailed story of 4 Ponzi schemes, multiple frauds and service provider failings, with the help of a complicit regulator! www.lfp1-sicav.com
And if you were a shareholder of UK-listed FTE-100 NMC Health, or Credit Suisse in Switzerland, and lost most if not all of your money? Read on!!!
