Private Equity Fraud Warning

Private equity fraud occurs when entities present themselves as legitimate PE funds to collect fees from investors or companies seeking capital. The Corinth Group investigation documents a network of entities that presented themselves as a private investment group while collecting advance fees from clients internationally.

Private Equity Fraud: The Presentation

Fraudulent private equity operations invest heavily in the appearance of legitimacy: Swiss corporate registration, professional websites, references to regulatory licences, and claims of institutional partnerships. The Corinth Group of Switzerland maintained six Swiss AGs, a UK management company, and a Cyprus-regulated fund vehicle — an infrastructure that appeared substantial on paper.

Behind the Presentation

Closer examination of the Corinth Group's corporate infrastructure reveals structural features that raise questions. All six Swiss AGs — including Corinth Investment Holdings AG (CHE-102.223.770) and Corinth Management Services AG (CHE-103.982.016) — were pre-existing dormant companies that were acquired and renamed rather than incorporated fresh [Zefix, Swiss Commercial Register]. All six list Jurate Kairiene as president and sole signatory. The UK arm, managed by Alec Theunissen, comprised 25+ companies, the majority now dissolved or in liquidation [Companies House, UK].

The Regulatory Reality

The single regulated entity in the network — Corinth Fund Management Ltd in Cyprus — held an AIFM license from CySEC (AIFM48/56/2013). This license was revoked in October 2022. The associated Corinth Capital RAIF was dissolved in January 2023 [CySEC AIFM register]. Despite this revocation, the group's website (cgoch.com) continued to describe its entities as "registered and licensed investment funds." No Corinth Group entity currently holds any regulatory authorisation from FINMA, the FCA, or CySEC.

How to Verify a Private Equity Fund

Before engaging with any private equity firm: check FINMA's licensed institutions list (Switzerland), the FCA register (UK), and CySEC's regulated entities list (Cyprus); verify that the specific entity you are contracting with — not just an associated company — holds a current licence; search for the directors' names across Companies House to check for patterns of dissolved companies; and search for the entity name plus previous names on complaint platforms. The Corinth network operated under at least five names: APAHML, Arcis Consortium, Curatio Capital, Corinth Group, and Three Tuns.

Key Facts

• CySEC AIFM license (AIFM48/56/2013) revoked October 2022
• All 6 Swiss AGs were pre-existing dormant companies acquired and renamed
• Website claimed 'registered and licensed investment funds' after license revocation
• Alec Theunissen director of 25+ UK companies, majority dissolved or liquidated
• 5 sequential rebrand identities over 12+ years

Complaint Reports

People Involved

Related Entities

Related Investigations