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Cayman Islands $118 million fraudster faces Swiss investigation

03/03/2025

Marc-André Pépin, a Swiss-Canadian fund manager, is again under criminal investigation in Switzerland. Previously, he was convicted in 2023 for falsifying the financial statements of the SPI Investment Fund, a Cayman Islands-domiciled fund that collapsed amid allegations of fraud.

The investigation was initiated after three investors, collectively investing around $7 million, filed complaints for suspected fraud. This ongoing scrutiny adds to Pépin’s controversial history in the financial sector.

Marc-André Pépin’s previous conviction in 2023 was for forgery related to the financial statements of the SPI Investment Fund, a Cayman Islands-domiciled fund. The Geneva Public Prosecutor’s Office brought the case against him, alleging that Pépin falsified documents to misrepresent the fund’s financial health. This led to significant financial losses for investors when the fund collapsed.

The conviction resulted from Pépin’s actions to manipulate audit reports, which were intended to deceive investors and regulatory authorities. The court found him guilty and imposed penalties, including fines and restrictions on his professional activities.

The collapse of the SPI Investment Fund, managed by Marc-André Pépin, affected numerous investors. The fund's liquidators have reported missing over $118 million, impacting many investors. The number of affected investors isn’t specified, but the financial losses were substantial.

The collapse of the SPI Investment Fund, managed by Marc-André Pépin, was primarily due to fraudulent activities and mismanagement. Pépin falsified financial statements and audit reports to misrepresent the fund’s financial health. This deception led investors to believe the fund was performing well, attracting more investments.

However, the reality was quite different. The fund suffered significant losses, and Pépin’s actions were an attempt to cover up these issues. When the truth came to light, the fund could not sustain itself, leading to its collapse. The liquidators reported missing over $118 million, significantly impacting the investors.

Source:  

  1. Geneva Public Prosecutor v. Marc-André Pépin: Criminal Judgment .... https://www.offshorealert.com/geneva-public-prosecutor-v-marc-andre-pepin-criminal-judgment-securities-forgery/.
  2. Luxembourg’s Polaris Financial Investments touts ‘success’ of Cayman .... https://www.offshorealert.com/luxembourgs-polaris-financial-investments-touts-success-of-cayman-ancestor-fund-spi-even-though-it-failed-amid-allegations-of-fraud-and-118m-missing/.
  3. Invescap CEO, Marc-André Pépin announces Grand Court of the Cayman .... https://www.prnewswire.com/news-releases/invescap-ceo-marc-andre-pepin-announces-grand-court-of-the-cayman-islands-petition-withdrawal-order-301602447.html.
  4. Marc-Andre Pepin - OffshoreAlert. https://www.offshorealert.com/tag/marc-andre-pepin/.
  5. Accused fraudster Marc-André Pépin sets up new ... - OffshoreAlert. https://www.offshorealert.com/swiss-asset-manager-accused-fraudster-marc-andre-pepin-sets-up-new-luxembourg-fund-polaris-financial-investments/.
  6. Swiss-Canadian fund manager Marc-André Pepin under criminal .... https://www.offshorealert.com/swiss-canadian-fund-manager-marc-andre-pepin-under-criminal-investigation-again-in-switzerland-after-already-being-convicted-of-forgery/.
  7. Geneva Public Prosecutor v. Marc-André Pépin: Criminal Judgment .... https://www.offshorealert.com/geneva-public-prosecutor-v-marc-andre-pepin-criminal-judgment-securities-forgery/.
  8. Marc-André Pépin, CEO von Invescap, gibt den Beschluss des Grand Court .... https://www.prnewswire.com/news-releases/marc-andre-pepin-ceo-von-invescap-gibt-den-beschluss-des-grand-court-of-the-cayman-islands-zum-ruckzug-der-klage-bekannt-845438666.html.
  9. Invescap CEO, Marc-André Pépin announces Grand Court of the Cayman .... https://www.prnewswire.com/news-releases/invescap-ceo-marc-andre-pepin-announces-grand-court-of-the-cayman-islands-petition-withdrawal-order-301602447.html.
  10. Marc-Andre Pepin - OffshoreAlert. https://www.offshorealert.com/tag/marc-andre-pepin/.
  11. Swiss-Canadian fund manager Marc-André Pepin under criminal .... https://www.offshorealert.com/swiss-canadian-fund-manager-marc-andre-pepin-under-criminal-investigation-again-in-switzerland-after-already-being-convicted-of-forgery/.
  12. Invescap CEO, Marc-André Pépin announces Grand Court of the Cayman .... https://www.prnewswire.com/news-releases/invescap-ceo-marc-andre-pepin-announces-grand-court-of-the-cayman-islands-petition-withdrawal-order-301602447.html.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.