Commodities fund to be liquidated after failure to pay
Ebullio Capital Management is facing getting wound down after failing to pay a court-ordered judgement to an investor.
In March, Ebullio Capital Management was ordered to compensate a fund investor £150,000, the maximum allowable, plus 8% interest. After waiting a mandated period for payment, the investor will be filing to appoint a liquidator.
In a recent email Exchange with the investor made available to Finance Magnates, Lars Steffensen, founder and executive managing partner of the fund, accused the investor of making things “personal” and wrote: “The only thing I have scant regard for is you. And you can include scorn and slight regard in that.”
Steffensen also called the investor a “world-class coward” and “cheap, piece of shit liar”. Steffensen did not respond to a request for comment.
In a separate ruling that went against Ebullio for £100k, brought by a former partner and employee, Steffensen sent a payment of £6.66, according to bank statements made available to Finance Magnates.
Ebullio’s activities have been reported to the UK regulator under which the fund is authorised, the FCA, a number of times. However, there has been no action taken.
Paul Barnes, a forensic accountant based in the UK, said that the FCA has “a lot of difficulties” and is overstretched with lots of similar cases. “They are very reluctant to follow up these kinds of situations because it’s costly and extremely troublesome,” he said.
Barnes added that the FCA relies on the Financial Services Compensation Scheme (FSCS), which pays out investors £50,000 and is a fund of last resort for customers of authorised financial services firms.
The FCA said: “Unfortunately, we will not be able to comment on this issue.”
Ebullio Capital Management is facing getting wound down after failing to pay a court-ordered judgement to an investor.
In March, Ebullio Capital Management was ordered to compensate a fund investor £150,000, the maximum allowable, plus 8% interest. After waiting a mandated period for payment, the investor will be filing to appoint a liquidator.
In a recent email Exchange with the investor made available to Finance Magnates, Lars Steffensen, founder and executive managing partner of the fund, accused the investor of making things “personal” and wrote: “The only thing I have scant regard for is you. And you can include scorn and slight regard in that.”
Steffensen also called the investor a “world-class coward” and “cheap, piece of shit liar”. Steffensen did not respond to a request for comment.
In a separate ruling that went against Ebullio for £100k, brought by a former partner and employee, Steffensen sent a payment of £6.66, according to bank statements made available to Finance Magnates.
Ebullio’s activities have been reported to the UK regulator under which the fund is authorised, the FCA, a number of times. However, there has been no action taken.
Paul Barnes, a forensic accountant based in the UK, said that the FCA has “a lot of difficulties” and is overstretched with lots of similar cases. “They are very reluctant to follow up these kinds of situations because it’s costly and extremely troublesome,” he said.
Barnes added that the FCA relies on the Financial Services Compensation Scheme (FSCS), which pays out investors £50,000 and is a fund of last resort for customers of authorised financial services firms.
The FCA said: “Unfortunately, we will not be able to comment on this issue.”
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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