Cayman Fund Ensnared in Fraud Scenario Information for Bankruptcy in U.S.

(Bloomberg) — A Cayman Island mutual fund whose manager was billed in a $100 million bait-and-swap plan submitted for Chapter 15 individual bankruptcy protection in the U.S. to protect its assets from lawsuits by disgruntled buyers.Reps of the so-identified as Income Gathering 1-3 Months T-Payments Mutual Fund questioned a federal personal bankruptcy choose in New York on Friday to recognize their attempts to liquidate the business, which they claimed would incorporate an try to fork out again traders. Recognition of the overseas liquidation would set a maintain on any lawsuits from the fund.The fund’s supervisor, Ofer Abarbanel, was arrested June

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