SPI Investment Fund

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.

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 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.

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.

SEC charges two men who ‘committed securities fraud with help from Cayman broker Valor Capital’

June 14, 2023

Nearly three months after they were criminally indicted in the United States for allegedly perpetrating a $150 million securities fraud with the help of a Cayman Islands brokerage - Valor Capital - operated by a citizen of Latvia, Joseph Padilla and Kevin Dills have been sued for fraud by the Securities and Exchange Commission.

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.

‘Remove Marc-André Pepin content now SPI Investment Fund winding up petition has been withdrawn,’ writes Adrien Debès

July 8, 2022

Letter from Adrien Debès requesting the removal of content on OffshoreAlert's website regarding Swiss asset manager Marc-André Pepin following the withdrawal of a petition to wind up Cayman Islands-domiciled SPI Investment Fund SPC in which he was accused of fraud.

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.

‘Marc-André Pépin disputes Cayman fund fraud allegations,’ write his Swiss lawyers

April 8, 2022

Letter from lawyers Bruno Ledrappier and Olivier Cavadini, of Charles Russell Speechlys, stating that their client, Swiss asset manager Marc-André Pépin, "firmly disputes" fraud allegations against him by the liquidators of Cayman Islands-domiciled SPI Investment Fund SPC.

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.

SPI Investment Fund SPC: Winding Up Petition (‘Fraud’)

January 31, 2022

Winding Up Petition alleging "fraudulent misconduct and mismanagement" in the matter of SPI Investment Fund SPC at the Grand Court of the Cayman Islands.