Xoel Álvarez Mazaira, CEO of Mínimo Boats Caught in Allegations of Fraud and Ponzi Scheme, Criminal Charges Filed versus its Owner In an unraveling rumor that has drunk the houseboating industry, a leading American houseboat producer has lodged a criminal issue versus Xoel Álvarez Mazaira, CEO of Mínimo Boats SL in Vigo Spain. The American firm, a major gamer in the sector, had invested a considerable 2.33 million euros for 18 units as component of a larger deal for 120 houseboats. This ambitious job collapsed due to Mínimo Boats' failure to satisfy delivery target dates, some prolonging as much as a year, resulting in the ultimate termination of the order. The dispute deepened when it was exposed that a 1.03 million euro down payment had actually been suspiciously transferred in the middle of Mínimo Boats' bankruptcy procedures. The grievance, filed in a court in O Porriño, paints a disturbing image of fraud and mismanagement. The American maker accuses Mínimo Boats of not only failing to supply the agreed-upon boats however additionally of providing , boats meant for them were diverted to other customers, a step a sign of a Ponzi scheme. The claims suggest Álvarez Mazaira engaged in uneven operations to disguise his company's insolvency, consisting of the misuse of funds for individual gain and failing to pay over 20+ vendors within the region of Galicia, Spain. Xoel Álvarez Mazaira, CEO of Mínimo Boats SL In Vigo Spain https://lnkd.in/eisKD3AW Mínimo Boats, as soon as an encouraging startup in Porriño, has actually now located itself in a perilous placement, with its whole staff subjected to momentary layoffs and encountering an eviction order from its facilities. The American company's. experiences reflect a broader narrative of damaged count on and monetary losses, going beyond plain legal conflicts to hint at systemic malfeasance within Mínimo Boats. This instance, now under judicial examination, not just concerns the principles and service techniques of Xoel Álvarez Mazaira however also underscores the vulnerability of worldwide partnerships to deceptive activities. As the.
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£20 million fraud - fraud, false accounting and forgery! It's not too often we see those terms used in relation to someone in Financial Services. This is an astonishing series of events and shows how greed and someone in authority certainly does not mix. Liam Francis Wainwright, 61, from Leeds, had falsified documents to mislead investors and spend their money on ventures including a racehorse syndicate and his own failed private businesses. Wainwright, who had been a director of Rawdon Asset Finance Ltd, was disqualified for 11 years in November 2020 after investigators at the Insolvency Service found he had falsified around £12 million worth of entries in the company’s loan book in the two years before the company entered administration in 2019. Julie Barnes, Chief Investigator for the Insolvency Service, said: "Liam Wainwright’s greed and selfish actions had a devastating effect on the people who had put their trust in him and his business. His victims included elderly and vulnerable people. Many investors lost most or all of the money they had entrusted to him, and some lost their life savings. His sentencing today shows that the Insolvency Service will seek the toughest penalties for those who break the law, to help ensure that the UK is a safe place for investors and for businesses." The following sentences were imposed, with reductions reflecting credit for the plea: 1) False accounting - 6 years 6 months, reduced to 4 years 4 months. 2) Forgery - 2 years after trial, reduced to 16 months, concurrent. 3) Breach of Director Disqualification - 12 months after trial, reduced to 8 months, concurrent. 4) Failing to Surrender offence under Bail Act - 28 days, concurrent. 5) Fraud - 4 years after trial, reduced to 2 years 8 months, consecutive. So Wainwright can now expect 7 years imprisonment. Is it enough? I must admit I'm not sure based on the extent of his crimes! #financialservices #accounting #law #money #economiccrime #financialcrime #fraud #scams #ponzi https://lnkd.in/eSCS_VRH
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DIFC Court Sees Through Scattergun Strike Out Bid, Keeping Fraud Claim on Target In a recent significant DIFC Court Order, Justice Sir Jeremy Cooke dismissed applications by the Defendants to strike out claims brought by Bank Sarasin-Alpen (ME) Limited (in liquidation) and its liquidator, Shahab Haider. The Claimants allege that the Defendants, including former directors and employees, conspired in a fraudulent scheme to misappropriate the bank's business and assets prior to liquidation, to the detriment of creditors. The Court rejected arguments that the claims were time-barred, that certain causes of action were not recognised under DIFC law, and that there were pleading deficiencies in particularising the fraud. Notably, the Court found fraud-based claims were not subject to the usual limitation periods and held that dishonest assistance, knowing receipt, and misfeasance could be recognised under the DIFC's legal framework. The judgment also discussed when directors' duties to consider creditors' interests arise in the context of actual or prospective insolvency. Citing English authorities, the Court emphasised this is a fact-sensitive issue that could not be determined summarily. The creditor duty may be triggered when directors know or ought to know insolvency is probable, not merely a remote risk. Finding no basis to strike out or grant summary judgment, the Court criticised the Defendants' "scattergun approach", stating: "In my judgement, the Application made by the Defendants was misconceived and the scattergun approach adopted suggests once again their desire to stymie or stall the litigation without due regard for the principles which govern the grant of orders for striking out or immediate judgement." This rebuke highlights that tactical delay and unmeritorious procedural challenges are frowned upon by the DIFC Courts. Parties must think carefully before pursuing strike out or summary judgment applications, ensuring there is a solid foundation. Adopting a "scattergun approach" in the hope that some ground might succeed is counterproductive and risks judicial censure and costs orders. If you are facing any of the issues highlighted in this case, such as fraud claims against directors, conspiracy allegations, breach of duties, or asset recovery complications, please do contact me. I have experience handling high-value, multi-jurisdictional disputes before the DIFC Courts and other tribunals. I have experience working closely with liquidators, creditors, and companies to investigate and plead claims to a high standard, navigate procedural hurdles, and devise effective enforcement strategies. #DIFCCourts #FraudClaims #DirectorDuties #Insolvency #LiquidationClaims #AssetRecovery #LitigationStrategy #CreditorRights #CrossBorderDisputes #DIFCCourtlawyers #StrikeOut #SummaryJudgment #LimitationPeriods #MisfeasanceClaims #UnlawfulMeansConspiracy #FiduciaryDuties #TrialAdvocacy
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A Sign of Things to Come? Commercial Bankruptcies Doubled YoY According to a new report from Epiq, bankruptcies increased at a rate of 24% year-over-year to a total of 40,628 in October, up from 32,707 filings during the same period last year. More notably, there were 631 commercial bankruptcies during the month—an incredible increase of 106% year-over-year—compared to the 306 filed last year. https://lnkd.in/gZ64Fjhn
A Sign of Things to Come? Commercial Bankruptcies Doubled YoY
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Still thinking trade credit insurance is a luxury line of insurance. 8 years ago cyber was thought it was coverage mostly the Fortune 500 only needed to have, those whose heeded found competitive coverage at affordable rates. With this latest bankruptcyand other marquee names trending in the same direction, get trade credit insurance and protect your receivables #tradecreditinsurance #commercialinsurance #coface #ar
Rite Aid files for bankruptcy, names new CEO
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So Lets get into this shall we. Since my Wife and I have lost everything we own, all of our furniture went out to the curb being infested with molds starting in months 3 to 5, with COO Tony Maher driving by daily watching it happen. (By the way, John Maher Builders, Inc., abandoned us after the very first month with a 2 YEAR WARRANTY) and we are now again noticed that they are attempting foreclosure on our property on January 4th, 2024, in violation of Tennessee Law for being past the 6 year Statute of limitations to foreclose. Is the Tennessee Court System going to stop it? No. Lets screw the Simpkins as hard as we can and force them to be homeless. Lets break as many laws as we can in the process to show how POWERFUL WE ARE AND WE CAN DO WHATEVER WE WANT TO WHOEVER IN THE STATE OF TENNESSEE! Since Chief Justice Kirby wants to air her dirty laundry and everyone else's publically, WHY NOT! See attached document, (Critical Update to DOJ FBI SECNAV VA OIG 8-18-2023). In this extremely well presented document to the DOJ, FBI, SECNAV, and the VA OIG, details the horrendous corruption so heinous as to curdle the contents of your stomach so that it leaves a bad taste in your mouth for weeks! It does not get more clear of the criminal acts that have gone on and the Courts of the State of Tennessee have left the Simpkins in the most horrific circumstances and living conditions. And we are going to air it all on Live Videos on YouTube of which some are already there. See links in the next post. This corruption tells a story of a corrupt Court System run by apparently the Builder who somehow seems to be in control of everyone else. Further, a person identifying himself as a Free Mason warned me that I needed to abandon my case and walk away LIKE EVERYONE ELSE HAS FOR JOHN MAHER! IMAGINE THAT! I am supposed to walk away and lose my VA Certificate as well as my investment, as well as burning through our entire 401k, all of our investments liquidated, all of our earnings, our loss of our business due to the property consuming almost every waking minute to combat the 18 species of mold which was already systemic throughout the property since day one! See the Simpkins Original Law Suit / Compliant which very well details the issues with the property and the ABANDONMENT by the Builder, John Maher Builders, Inc. in direct violation of the TENNESSEE STATE STATUTE / LAW, Tenn. Code Ann. § 62-6-510. Prohibited acts. For; Abandonment or willful failure to perform, without justification! I discovered this law after our case was illegally dismissed a 2nd time by allegedly corrupt Judge Deana Hood, friends with John Maher, (not alleged because she admits her social interactions with him and his wife in her response and illegal denial of our Motion to Recuse her with 18 charges against her which she refused to recuse herself losing her immunity and certifying her criminal acts). I will have to provide a link for that document, I can only attach one document as a time.
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