Pytheas Investment Scam: H. Samaras and the Cyprus Connection

Pytheas is the Cyprus-based arm of the network associated with the Corinth Group, led by H. Samaras. Multiple fraud reports name Pytheas alongside Corinth and Curatio entities, describing identical patterns of advance-fee collection.

H. Samaras and Pytheas

H. Samaras is identified as the chairman and principal of the Pytheas entities. Operating from 3 Ioannis Sykoutris Street, Nicosia 1076, Cyprus, Samaras represented Pytheas as a major global investment firm. According to marketing materials and the Pytheas website, the firm claimed to manage EUR 320 billion in assets across 44 offices with over 1,200 employees. Independent data sources tell a different story: RocketReach listed approximately 22 employees, and Crunchbase listed the main Pytheas entity as “permanently closed” [RocketReach; Crunchbase;].

Pytheas Entity Status

Pytheas (Cyprus) Limited (HE 159209) is dissolved. Pytheas EXT. (CY) Ltd (HE 372384) shows its last update in January 2018. Pytheas Holdings Limited (UK, company 10165617) remains active at 4 Cavendish Square, London W1G 0PG. The dissolution of the primary Cyprus entity is a matter of public record and raises questions about the current status of the Pytheas brand’s claimed global operations [Cyprus Department of Registrar of Companies; Companies House, UK].

The Pytheas-Corinth Partnership

Pytheas and the Corinth Group operated in a documented partnership. Corinth Fund Management Ltd (HE 428770) in Cyprus served as the Alternative Investment Fund Manager (AIFM) for investment funds associated with both brands. The Corinth Capital RAIF (HE 409232) was a regulated alternative investment fund whose directors included individuals connected to both Pytheas and the Swiss Corinth entities: Matthias Baechler (Swiss, connected to Martin Model), Andreas Matsas (Cypriot, connected to Samaras’s networks), and Socrates Fekkas (Cypriot, currently CEO of EXNESS). CySEC revoked the AIFM license of Corinth Fund Management Ltd in October 2022 [CySEC AIFM register].

Fraud Reports Naming Pytheas

Pytheas is named in multiple independent fraud reports. Ripoff Report #1134964 (March 2014) names Pytheas alongside Curatio Capital. Verbraucherschutzforum Berlin hosts a December 2018 thread titled “Harris Samaras Pytheas Cyprus — no man of my confidence.” Diebewertung.de reports reference “H. Samaras Corinth Curatio Consulting” — conflating the Samaras/Pytheas and Corinth brands, which is consistent with the entities operating together. Complainants describe being introduced to financing opportunities through Pytheas representatives and being directed to sign contracts with Corinth entities for the advance fee payment.

The Addvalue Technologies Claim

Pytheas announced a $64 million acquisition of Singapore-listed Addvalue Technologies. No evidence has been found that this deal was completed. No SGX substantial shareholding notices link Pytheas to Addvalue Technologies. The announcing entity, Pytheas (Cyprus) Limited, is now dissolved. No evidence of the acquisition appears in Addvalue Technologies’ public filings. Like the Morepen Laboratories deal associated with the Corinth brand, this appears to have generated media coverage without a verifiable completed transaction [SGX; Addvalue Technologies annual reports].

Key Facts

• Pytheas claimed EUR 320B assets, 44 offices, 1,200+ employees — independent sources show ~22 employees
• Pytheas (Cyprus) Limited (HE 159209) dissolved; Pytheas EXT last update January 2018
• CySEC revoked AIFM license of joint Corinth-Pytheas fund manager October 2022
• Addvalue Technologies $64M deal: no evidence of completion, announcing entity dissolved
• Named in fraud reports on Ripoff Report, Diebewertung.de, and Verbraucherschutzforum Berlin
• RAIF directors included individuals connected to both Pytheas and Corinth networks

Complaint Reports

People Involved

Related Entities

Related Investigations