Nicosia Cyprus: Investment Scam Investigation
Nicosia, the capital of Cyprus, hosted the fund management entities of the Corinth Group of Switzerland network before their AIFM license was revoked by the Cyprus Securities and Exchange Commission (CySEC).
Cyprus Entities
The Corinth Group of Switzerland operated Cyprus-registered entities including Corinth Fund Management Ltd and Corinth Capital RAIF V.C.I.C. Ltd, both based in Nicosia. These entities operated under a Reserved Alternative Investment Fund (RAIF) structure, managed by SCSS Fund Management Ltd as the external Alternative Investment Fund Manager (AIFM) [CySEC AIFM Register].
CySEC License Revocation
CySEC revoked the AIFM license (AIFM48/56/2013) of the external manager, effectively shutting down the regulated fund operations. The Three Tuns Capital RAIF F.C.I.C. PLC was subsequently ordered into liquidation. This regulatory action is one of the most significant findings in the investigation, as it demonstrates that the Cyprus regulator took formal enforcement action against entities in the network [CySEC AIFM Register].
The Nicosia Network
Several individuals connected to the Nicosia entities have extensive Cyprus corporate histories. Andreas Matsas of GMM Fund Management appears in approximately 57 Cyprus company filings. Socrates Fekkas served simultaneously as CEO of EXNESS and in roles at SCSS Fund Management — a dual-role arrangement that investigators have flagged as a potential conflict of interest.
Key Facts
- CySEC revoked AIFM license AIFM48/56/2013
- Three Tuns Capital RAIF ordered into liquidation
- Matsas connected to ~57 Cyprus companies
Complaint Reports
People Involved
Related Entities
Related Investigations
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