High-risk customer transactions generated up to 99% of the branch’s profits
…but mostly lose
Information was exchanged in a chatroom called Sterling Lads
Luxembourg fund group unit sued for losses linked to former management group of failed commodities fund
The firm is under investigation by French financial authorities for tax fraud and money laundering
CSSF ‘needs to intervene’ to shore-up Luxembourg’s reputation after ‘grossly negligent’ actions by Sicav fund directors
A Swiss-based private partnership created to help those who have suffered losses of assets and money from financial companies has launched a task force to recover money from the failed Columna Commodities Fund.
Columna Commodities fund pretended to invest in range of commodity-linked assets when in reality the bulk of money invested in the Sicav sub-fund had been loaned to a Hong Kong shell company.
The Columna Commodities Fund, which pretends to invest in “a range of commodity-linked assets”, has suspended redemptions. It claimed this was due to a failure to liquidate two of its investments.
Two financial advisers are responsible for losing as many as 100 top footballers more than £100m from investing in film and property ventures.