UK Broker Sued For Fees Tied To Adviser's Capital Fraud

Law360, London (November 20, 2020, 5:36 PM GMT) -- Three Cayman Island companies have told a court in London that a prime broker in Britain should return more than $12 million in fees after it failed to detect that their investments were being funneled into a Ponzi-like fraud scheme.

The companies — Dismatrix SPC and two other Cayman entities, Asyndeton and Polysyndeton — say in their High Court claim that it would be "unconscionable" for Equiti Capital UK Ltd. to hold on to millions of dollars earned from transfers they made to Equiti brokerage accounts.

According to court documents recently made public, the three companies became caught up in a...

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