A Bahamas-based fund services firm has become embroiled in an alleged investment fund scandal involving more than $1 billion in investor funds, with the flamboyant Swiss financier behind the scheme currently in jail his homeland as he is investigated for possible fraud and moey-laundering.
Moore Park Fund Services, which is based in the British Colonial Hilton’s Centre of Commerce, acted as the fund administrator for four to five funds knowns as the Alto Funds, which were set up by flamboyant Swiss financier Dieter Behring – a man who last year ran up an $81,830 bill at one of London’s top restaurants.
The Tribune has learned that the Alto funds were put into a court-supervised liquidation earlier this month, with Maria Ferrere at Ernst & Young (Bahamas) appointed as the liquidator. More than $1 billion is alleged to have been invested in the funds set up by Behring, and Swiss press reports said Moore Park Fund Services decided to move Alto Funds into liquidation after they were unable to calculate their Net Asset Value (NAV).
More than 1,000 private investors – mainly from Europe – are understood to have had pension money and life savings in Behring’s funds, mainly thorugh their banks and financial advisors. Blue-chip banks such as UBS and Credit Suisse invested their client monies with Behring.
Source: Yolanda Deleveaux, The Tribune
