Broker Denies Earning $12M Fees From Ponzi Fraud Victims

Law360, London (February 12, 2021, 10:20 PM GMT) -- A U.K. broker has argued that investments made by three Cayman Island companies cannot be traced back to more than £12 million in fees it allegedly received from a suspect in a Ponzi-like fraud, hitting back at the companies' lawsuit to recoup the money.

Equiti Capital UK Ltd. said in a defense filed with the High Court on Wednesday that it had no knowledge of a fraudulent international trading program that took investment from Dismatrix SPC and two other Cayman entities, Asyndeton and Polysyndeton.

Equiti received fees and commissions from accounts opened by Blue Isle Markets, which has since been caught...

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