Michael Zuther, Patrick Demi, Scarabaeus Wealth Management & Fortuna Administration

A Story by FinTech Expose

The Classic Car Fund (TCCF) was a highly sought-after investment opportunity that attracted the interest of many in 2018 and 2019.

In a shocking turn of events, a dark cloud has descended upon the world of wealth management, as the Scarabeus Wealth Management of Liechtenstein and the fictitious SVG fund administrator Fortuna Administration have been exposed in a scandal that has sent shockwaves through the financial industry. This scandal revolves around the Classic Car Fund, a once-promising investment vehicle. The alleged orchestrator of this fraud, Filippo Pignatti, along with two directors, Michael Zuther and Patrick Demi, now find themselves under intense scrutiny. In late May 2023, a liquidator's report revealed disturbing details of fraudulent activities that have left investors and stakeholders in shock.

The Classic Car Fund (TCCF) was a highly sought-after investment opportunity that attracted the interest of many in 2018 and 2019. It promised attractive returns to investors interested in the classic car market. However, behind the scenes, a major, illegal loan had already defaulted, sending shockwaves throughout the fund. What makes this revelation even more scandalous is that Filippo Pignatti, the fund's investment manager, kept this crucial information hidden from investors.

Clive Evans, who represented nine clients that invested in TCCF in late 2018 and 2019, became the whistleblower that ignited the investigation. He recalled a meeting with Filippo Pignatti Morano di Custoza, who visited his office in France in mid-September 2018, ostensibly to discuss the Monaco Yacht Show. Pignatti, with a straight face, promoted the TCCF performance, never mentioning the defaulted loan or any of the issues that have now come to light. Clive Evans asserted, "It is time he paid the penalty for his actions."

Published in late May 2023, the liquidator's report sent shockwaves through the financial world. It confirmed widespread fraud and potential fraud committed by Filippo Pignatti and other parties involved in the Classic Car Fund. The report detailed various breaches of investment manager and director duties, with Pignatti himself serving as a director of the fund. These breaches were a flagrant violation of the trust that investors had placed in these professionals.

The report also revealed breaches of custodial ownership concerning up to 12 missing cars owned by the Classic Car Fund. These missing assets cast further doubts on the fund's credibility and operations.

Perhaps the most disconcerting revelation was the diversion of client funds into Filippo Pignatti's private client UK company. This misappropriation of funds is not only illegal but a gross betrayal of trust. It left investors in a state of financial jeopardy, with their hard-earned money funneled into unauthorized channels.

The report also unveiled the presentation of misleading and false Net Asset Values (NAVs) designed to lure unsuspecting investors. This unethical practice inflated the fund's apparent value, creating a facade that attracted even more capital. This practice not only deceived investors but also undermined the integrity of the financial system as a whole.

As a result of these disturbing findings, multiple criminal complaints have been filed against service providers and other parties in various European jurisdictions. The fallout from this scandal has serious implications for Scarabaeus Wealth Management, Fortuna Administration, and the implicated individuals, including Filippo Pignatti, Michael Zuther, and Patrick Demi. Legal authorities are now actively pursuing those responsible for this elaborate scheme, and justice is expected to be served. The

Scarabaeus Wealth Management, Fortuna Administration, and Classic Car Fund scandal is a stark reminder of the need for transparency and ethical conduct in the world of finance. It serves as a cautionary tale for both investors and those responsible for managing financial assets. The repercussions of this scandal are far-reaching, and the road to justice is likely to be long and complex. Investors are now, more than ever, advised to exercise due diligence and select their investment partners carefully. This incident underscores the importance of accountability and ethical conduct in an industry built on trust and integrity.