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Malta-Based Hedge Fund at Center of Swedish Fraud Investigation
A Maltese pension fund, Falcon Funds, is facing a criminal investigation in Sweden after allegedly failing to pay out 2.4 billion Swedish Kroner (€247 million) to over 22,000 investors.
Background Information
According to reports, the fund has asked the courts to block businessman Emir Ingmanson from selling his €1.6 million Silema penthouse, which was financed with a €1.4 million loan from Bank of Valletta.
- Ingmanson, who has been linked to alleged fraudulent bankruptcies, served as an introducer for Falcon Funds to the Swedish pensions authority and is now being sued by the fund.
- Documents filed in court suggest that Temple Asset Management, the investment manager for Falcon Funds, invested over €10 million of savers’ cash in investment products owned by Ingmanson.
Investigation Details
The fund is now seeking to recover millions of lost funds from an investment made with Ingmanson. Despite being licensed by Malta’s Financial Services Authority, the fund has already returned €67 million in savings and aims to complete a full divestment to protect investors’ interests.
- Falcon Funds has been deregistered from the Swedish pensions system and must return all payments to members.
- KPMG has been appointed by Malta’s financial regulator to take control of the pension fund and ensure member protection. The accounting firm will oversee all assets of Falcon Funds, reporting directly to the Malta Financial Services Authority (MFSA).
Response from Falcon Funds
Directors of Falcon Funds Tonio Fenech, Joseph Xuereb, and Ian Zammit issued a joint statement, saying they agree with the appointment of KPMG and will assist the firm in executing its mandate.
Ongoing Investigation
The investigation into Falcon Funds is ongoing, with authorities working to recover millions of lost funds from the Maltese hedge fund. The MFSA stated that this measure was taken “with specific reference to the scheme following an ongoing investigation on the scheme and the termination of the Investment Management Agreement between the scheme and Temple Asset Management Ltd.”