Gareth Williams

Cayman’s SPI Investment Fund liquidators seek evidence from U.S. loan recipients for investigation into ‘disappearance of $118M’

October 28, 2024

The liquidators of three insolvent Cayman Islands investment funds who are investigating "the disappearance of monies" from SPI Investment Fund SPC have applied for Chapter 15 bankruptcy recognition in Florida so they can take discovery from representatives of alleged $118 million loan recipients Sinai Holdings and Prudent Group, including Dennis Klemming, Jacob Gitman, and Yulia Kislyuk.

SPI Investment Fund SPC et al: Chapter 15 Petition (Cayman Islands)

October 28, 2024

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Andrew Morrison, David Griffin, and Iain Gow, of FTI Consulting, as the Foreign Representatives of SPI Investment Fund SPC (in Official Liquidation), and David Griffin and Yvonne Plamondon, of FTI Consulting, as the Foreign Representatives of International Portfolio Allocation Ltd. (in Official Liquidation) and International Capital Allocation Ltd. (in Official Liquidation), filed at the U.S. Bankruptcy Court for the Southern District of Florida.

Accused fraudster Marc-André Pépin sets up new Luxembourg fund, Polaris Financial Investments

June 25, 2024

Swiss asset manager Marc-André Pépin and British fund administrator Gareth Williams, who both participated in a Cayman Islands investment scheme that recently collapsed amid allegations of fraud, have set up a new Luxembourg fund, Polaris Financial Investments S.A., with a similar investment objective of investing in receivables.

Cayman Investment Funds Master SPC et al: Chapter 15 Petition (Cayman Islands)

June 24, 2024

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in the Cayman Islands by Samuel Cole and Mitchell Mansfield, of Kroll, as the Foreign Representatives of Cayman Investment Funds Master SPC (in Official Liquidation) and Cayman Investment Funds SPC (in Official Liquidation), filed at the U.S. Bankruptcy Court for the Southern District of Florida.

Two more Cayman entities controlled by U.S.-based Swedish national Dennis Klemming go into liquidation

May 22, 2024

The collapse of an investment group headed by Miami-based Swedish national Dennis Klemming has continued with the liquidations of two more Cayman Islands entities, International Capital Allocation Ltd. and International Portfolio Allocation Ltd., which each had an agreement to borrow up to $100 million from another failed Cayman entity, SPI Investment Fund.

International Portfolio Allocation Ltd.: Directors (Cayman Islands, 2024)

May 19, 2024

Director Details for International Portfolio Allocation Ltd., obtained from the Cayman Islands General Registry on May 19th, 2024.

International Capital Allocation Ltd.: ‘Court Supervision’ Petition

May 14, 2024

Petition for Court Supervision of a Voluntary Liquidation in the matter of International Capital Allocation Ltd. (in Voluntary Liquidation) at the Grand Court of the Cayman Islands.

International Portfolio Allocation Ltd.: ‘Court Supervision’ Petition

May 14, 2024

Petition for Court Supervision of a Voluntary Liquidation in the matter of International Portfolio Allocation Ltd. (in Voluntary Liquidation) at the Grand Court of the Cayman Islands.

Polaris Financial Investments S.A.: Offering Memorandum (Luxembourg)

April 2, 2024

Offering Memorandum for Polaris Financial Investments S.A., of Luxembourg.

Another Cayman fund operated by U.S.-based Dennis Klemming goes into liquidation

December 21, 2023

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.

SPI Investment Fund SPC: Directors (December 2023)

December 20, 2023

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

SPI Investment Fund SPC: ‘Court Supervision’ Petition

December 20, 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.

Cayman funds headed by U.S.-based Dennis Klemming go into liquidation

December 11, 2023

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.

Cayman Investment Funds Master SPC: ‘Court Supervision’ Petition

November 20, 2023

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.

Swiss asset manager Marc-André Pépin removes directors who accused him of fraud, winding up petition withdrawn

July 14, 2022

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

SPI Investment Fund SPC: Directors (July 2022)

July 8, 2022

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

SPI Investment Fund SPC: Order Withdrawing Winding Up Petition

July 7, 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.

Cayman Investment Funds Master SPC: Search Report & Directors (Cayman Islands)

March 21, 2022

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.

Swiss asset manager Marc-André Pépin accused of fraud by Cayman’s SPI Investment Fund

March 21, 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.

SPI Investment Fund SPC: Search Report & Directors (March 2022)

March 21, 2022

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

Prudent Investment Fund: Corporate Report (Luxembourg)

March 16, 2022

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

Prudent Investment Fund: Annual Report (2019)

December 8, 2020

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".