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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.

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.

Alliance Metals LLC v. C T Corporation System: Motions to Intervene & Vacate Default Judgment (‘Cayman Islands Liquidation’)

June 4, 2024
Motions to Intervene and Vacate a Default Judgment by Samuel Cole and Mitchell Mansfield, of Kroll, as the Joint Official Liquidators of Cayman Investment Funds Master SPC (in Official Liquidation) and Cayman Investment Funds SPC (in Official Liquidation), both of the Cayman Islands, in Alliance Metals LLC and C T Corporation System at the Circuit Court of the Eleventh Judicial Circuit, in and for Miami-Dade County, Florida, USA.

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.
SPI Investment Fund

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.

‘Immediately remove Dennis Klemming from your website’, writes his attorney

March 15, 2022
"Demand Letter" from Florida attorney Daniel DeSouza requesting the removal from OffshoreAlert's website of lawsuits against, or which mention, his client, Dennis Klemming, a Swedish citizen residing in Miami Beach, Florida, who is chairman of Prudent Group which, according to its website, "currently manages fund vehicles and separate mandates for institutional clients in Luxembourg, Cayman Islands, and Delaware domiciles".

JL Sports Investments Ltd. v. Luis Barbosa et al: Complaint

November 24, 2021
Complaint alleging "a fraudulent and deceptive scheme by Defendants to conceal the true nature and structure of the Prudent Enterprise in order to secure lucrative international soccer rights deals while at the same time suppressing the ability of their creditors to collect" involving entities in Brazil, Cayman Islands, Curaçao, Luxembourg, and the USA in JL Sports Investments Ltd., described as "a London-based boutique consulting and management firm in the sports and media industry" founded by "Dr. Jur. Jochen Lösch" v. Luis Barbosa, Antonio Maciel, Prudent Corporate Finance LLC, and Latin American Equity Sports LLC at the U. S. District Court for the Southern District of Florida.

Sunset Harbour South Condominium Association Inc. v. Dennis Klemming et al: Emergency Motion for Injunction

November 1, 2021
Emergency Motion for "an Injunction against Defendants ordering that they immediately cease and desist from using threatening and/or offensive language, and assaulting residents, management or others on Association property" in Sunset Harbour South Condominium Association Inc. v. Dennis Klemming, a citizen of Sweden, and Ivonne Klemming at the Circuit Court of the 11th Judicial Circuit, in and for Miami-Dade County, Florida.

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".

LGN International LLC et al v. Hylan Asset Management LLC et al: First Amended Complaint

September 17, 2020
First Amended Complaint alleging fraud and RICO violations regarding an "enterprise operated by the defendants by which they manufactured and sold 'phantom debt' and 'autofunded' payday loans to the plaintiffs which are not legally collectible" in LGN International LLC, of Florida, and Prudent Investimentos Ltda, of São Paulo, Brazil v. Hylan Asset Management LLC, of New York; Andrew Shaevel, of New York; Bahamas Marketing Group LLC, of Kansas; Joel Tucker, of Kansas; SQ Capital LLC, of Missouri; JT Holdings Inc., of Kansas; HPD LLC, of Wyoming; Hirsch Mohindra, of Illinois, and Mainbrook Asset Partners I LLC, of Delaware, at the U. S. District Court for the Western District of New York, transferred in from the U. S. District Court for the Southern District of New York.

LGN International LLC et al v. Hylan Asset Management LLC et al: Complaint

April 22, 2020
Complaint alleging fraud and RICO violations regarding an "enterprise operated by the defendants by which they manufactured and sold 'phantom debt' and 'autofunded' payday loans to the plaintiffs which are not legally collectible" in LGN International LLC, of Florida, and Prudent Investimentos Ltda, of São Paulo, Brazil v. Hylan Asset Management LLC, of New York; Andrew Shaevel, of New York; Bahamas Marketing Group LLC, of Kansas; Joel Tucker, of Kansas; SQ Capital LLC, of Missouri; JT Holdings Inc., of Kansas; HPD LLC, of Wyoming; Hirsch Mohindra, of Illinois, and Mainbrook Asset Partners I LLC, of Delaware, at the U. S. District Court for the Southern District of New York.

Federal Trade Commission et al v. Hylan Asset Management LLC et al: First Amended Complaint

August 27, 2018
First Amended Complaint alleging fraud in the Federal Trade Commission and the People of the State of New York v. Hylan Asset Management LLC, Bobalew Management Corporation, Bobalew LLC, 6P Management Corporation, 6P LLC, Worldwide Processing Group LLC, d.b.a. Worldwide Processing, d.b.a. Forward Movement Recovery, a.k.a. FMR; Frank A. Ungaro Jr., Andrew Shaevel, and Jon E. Purizhansky at the U. S. District Court for the Western District of New York.

Federal Trade Commission et al v. Hylan Asset Management et al: TRO Motion

June 26, 2018
Motion for a Temporary Restraining Order in the Federal Trade Commission and the People of the State of New York v. Hylan Asset Management LLC, Worldwide Processing Group LLC, Frank A. Ungaro Jr., and Andrew Shaevel at the U. S. District Court for the Western District of New York.