Fake Investment Fund: Warning Signs

fake investment fund fraudulent fund fund scam
6+Fraud Reports
7Jurisdictions
12+Years Active
0Known Funded Deals
0 currentRegulatory Licences

A fake investment fund uses the language and structure of legitimate fund management to extract fees from investors. The Corinth Group of Switzerland investigation documents an entity network that claimed to operate regulated investment funds while collecting advance fees from clients who allege they received no investment returns.

What Makes a Fund Fake?

A fake investment fund typically exhibits one or more of the following characteristics: it claims regulatory status it does not have; it collects fees but cannot demonstrate verifiable investment activity; its corporate structure has the effect of obscuring beneficial ownership; and it rebrands periodically to evade accumulating complaints. The Corinth Group network exhibits all four characteristics according to complainants and public registry records.

The Corinth Group's Fund Claims

The Corinth Group's website (cgoch.com) described its entities as "registered and licensed investment funds" [cgoch.com, archived]. In reality, only one entity in the network — Corinth Fund Management Ltd (Cyprus, HE 428770) — ever held a regulatory fund licence. That AIFM licence from CySEC (AIFM48/56/2013) was revoked in October 2022, and the associated Corinth Capital RAIF (HE 409232) was dissolved in January 2023 [CySEC AIFM register]. None of the six Swiss AGs ever held a FINMA licence. The UK entity, Corinth Management Services Ltd (company 12297863), entered compulsory liquidation in January 2026 [Companies House, UK].

Family-Controlled Structure and Layered Ownership

The fund structure placed Jurate Kairiene as president and sole signatory of all six Swiss AGs, while Martin Walter Model — identified by multiple complainants as the directing mind — held no registered position in any entity [Swiss Commercial Register]. In the UK, Alec Theunissen served as the operational director, with PSC control running through intermediary holding companies.

Identifying Fake Funds

To identify a fake investment fund: verify the specific entity's regulatory status directly with the regulator (not via the fund's own website); check whether claimed deals have independent verification (Morepen Laboratories' shareholding pattern does not show Corinth); look for patterns of dormant company acquisition — all six Corinth Swiss AGs were pre-existing companies acquired and renamed; and check whether the fund has ever filed audited financial statements with any regulatory body.

Key Facts

  • cgoch.com claimed 'registered and licensed investment funds' — only one entity ever held a licence
  • CySEC AIFM license revoked October 2022; fund dissolved January 2023
  • None of the 6 Swiss AGs ever held a FINMA licence
  • UK management company entered compulsory liquidation January 2026
  • Directing mind (Martin Walter Model) holds no registered corporate position

Complaint Reports

CySEC AIFM Register Ripoff Report #1134964 (March 2014) Ripoff Report #1354982 (2024, Toronto — Dale Changoo)

People Involved

Martin Walter Model Jurate Kairiene Alec Theunissen

Related Entities

Corinth Investment Holdings AG Corinth Management Services AG Three Tuns Investment Holdings Ltd Corinth Fund Management Ltd (Cyprus)

Related Investigations

Advance-Fee Fraud: The Mechanism Behind the Corinth Group Allegations Advance Fee Fraud Warning Signs Advance-Fee Fraud Warning Signs: 12 Red Flags That Should Stop You from Paying Advance Fee Scam: How It Works Companies House: Checking for Fraud Red Flags Corporate Funding Fraud: Advance Fee Schemes Corporate Funding Scam: Promises of Institutional Financing That Never Arrives Cost Contribution Fraud: Rebranding Advance Fees as Legitimate Business Expenses

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