The dubious role of Scarabaeus Wealth Management Ag of Liechtenstein, which administers the funds through shell companies Fortuna Administration in SVG and Liechtenstein but is actually based as Hawk Fund Management in Bulgaria, run by Michael Zuther and his former Scarabaeus CEO Patrick Demi . The Classic Car Fund (TCCF), and the allegations of fraud and potential fraudulent activities committed by its investment manager, Filippo Pignatti, along with other parties.

1. 30/10/2023, 00:57 Scarabaeus Wealth Management, Fortuna Administration, and the TCCF Fraud | by Independent Research | Oct, 2023 | Medium
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Scarabaeus Wealth Management, Fortuna
Administration, and the TCCF Fraud
Independent Research · Follow
3 min read · Oct 19
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In a shocking turn of events, the financial world has recently been rocked by a
scandal involving Scarabaeus Wealth Management of Liechtenstein, a fictitious SVG
fund administrator named Fortuna Administration, and two directors, Michael
Zuther and Patrick Demu. This controversy revolves around The Classic Car Fund
(TCCF), and the allegations of fraud and potential fraudulent activities committed by
its investment manager, Filippo Pignatti, along with other parties.
Clive Evans, representing nine clients who invested in The Classic Car Fund in late
2018 and 2019, has come forward to expose the dubious dealings that transpired
behind closed doors. According to Evans, Pignatti visited his office in France in mid-
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2. 30/10/2023, 00:57 Scarabaeus Wealth Management, Fortuna Administration, and the TCCF Fraud | by Independent Research | Oct, 2023 | Medium
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September 2018, ostensibly to attend the Monaco Yacht Show. However, what
Pignatti failed to disclose was the fact that a major, illegal loan had already defaulted
within TCCF, causing substantial financial turmoil. Evans recounts, “Pignatti came
to my office in France in mid-September 2018, ostensibly to attend the Monaco
Yacht Show — and with a straight face promoted the TCCF performance, never
mentioning a defaulted loan or any of the issues that have now come to light. It is
time he paid the penalty for his actions.”
Published in late May 2023, the liquidator’s report has unveiled the extent of the
fraudulent activities within TCCF. This report, sent to shareholders, confirms the
fraud committed by Filippo Pignatti, who not only served as the investment
manager but was also a director of the fund. The report highlights several alarming
findings, including:
1. Breaches of Investment Manager and Director Duties: Pignatti, as a director and
the investment manager, was found to have violated his fiduciary duties to the
fund and its investors.
2. Breaches of Custodial Ownership: The report references up to 12 missing cars
owned by The Classic Car Fund, suggesting a mismanagement of the fund’s
assets.
3. Diversion of Client Funds: Shockingly, client funds were diverted into Pignatti’s
private client UK company, further highlighting the misappropriation of
investor capital.
4. Presentation of Misleading Net Asset Values: False Net Asset Values (NAVs) were
presented to investors in an attempt to attract more capital and create the
illusion of a healthy fund performance.
As a result of these damning findings, multiple criminal complaints have been filed
against the various service providers and other parties involved in this scandal
across different European jurisdictions. The repercussions are bound to have far-
reaching consequences for those implicated in the fraud and the wider financial
industry.
Scarabaeus Wealth Management and Fortuna Administration scandal, involving
The Classic Car Fund and its fraudulent activities, serves as a stark reminder of the
importance of transparency and oversight within the financial industry. This case

3. 30/10/2023, 00:57 Scarabaeus Wealth Management, Fortuna Administration, and the TCCF Fraud | by Independent Research | Oct, 2023 | Medium
https://medium.com/@independentresearch/scarabeus-wealth-management-fortuna-administration-and-the-tccf-fraud-54735b540cde 3/11
underscores the need for vigilant due diligence when investing in funds and the
critical role that regulators, investigators, and whistleblowers play in ensuring
accountability and protecting investors.
As this story continues to unravel, the financial community awaits further
developments and revelations. One can only hope that this scandal serves as a
catalyst for increased scrutiny and regulation in the wealth management and
investment industry, to prevent such egregious abuses of trust and resources in the
future.
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