SVG financial markets abuse highlighted in Pignatti/Scarabaeus expose
A recently launched shareholder website has blown the lid off what appears to be a systematic financial manipulation involving Filippo Pignatti and Liechtenstein’s Scarabaeus group.
The exposé, meticulously detailed a complex web of financial misconduct that strategically exploited St. Vincent and the Grenadines (SVG) as a convenient regulatory backdrop.
At the heart of the investigation are nearly 10 funds, including Pignatti’s “The Classic Card Fund” and “Classic Investment Fund”, which were technically headquartered in SVG but operationally controlled from Switzerland and Liechtenstein.
What’s particularly troubling is the discovery of Fortuna Administration – a seemingly legitimate SVG-based company that, in reality, was nothing more than a paper entity.
Behind the scenes, Scarabaeus’ leadership – CEO Michael Zuther and Patrick Demi – were actually managing these funds from Liechtenstein, with additional operations routed through their Bulgarian entity, Hawk Fund Management AD.
The deception runs deeper. Zuther and Pignatti audaciously listed themselves as SVG legal counsel in fund prospectuses, despite never being registered with the SVG Bar Association – a move that raises serious questions about regulatory oversight.
The financial fallout is devastating. Pignatti’s funds have experienced a catastrophic 100% total loss, while Scarabaeus’ funds have followed a similarly disastrous trajectory.
So severe has been the damage that the group recently rebranded as Prime Fund Solutions and removed CEO Stefan Huber in late 2024 – a clear admission of systemic failures.
As the story continues to unfold, the revelation shows that offshore financial markets remain vulnerable to sophisticated manipulation, underscoring the need for stringent, proactive regulatory frameworks.
