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The Jeeves group, based in Liechtenstein, had an established trust company in St Vincents since the 1990's - a pathfinder for other Liechtenstein businesses.
Michael Zuther, Patrick Demi and their Scarabaeus Wealth Management (now Prime Fund Solutions) saw the opportunity to establish an offshore administrative centre in SVG,
in a seemingly relaxed jurisdiction, and strove to abuse the jurisidiction for self-gain. Scarabaeus launched a large family of funds, many of which
were liquidated in recent years. Scarabaeus Wealth Management was registered in SVG in 2012, before changing it's name to Fortuna Administration, although it never had any local personnel. This administration company, a shell company in SVG, had a web-site www.fortuna.vc which simply forwarded to www.scarabaeus.li (until late 2024).
Working with Pignatti, a fund template was copied, with his fund management company Classic Car Fund Management registered in St Vincents in 2011 as well as TCCF (2011) and CIF (2013). AAC Revision, and Banque Pasche (now Banque Havilland), both of Liechtenstein, provided audit and custodian services, reinforcing the Liechtenstein operatins being fronted in SVG.
Scarabaeus's Patrick Demi was a director of TCCF until end of 2015. Scarabaeus founder Michael Zuther, with Pignatti, both declared themselves as providing SVG legal services in various fund documentation, although neither were ever registered in SVG as a lawyer. Zuther was also a director of CIF 2014-2017. Zuther further represented himself as the SVG lawyer in 5 Scarabaeus fund prospectuses.
For the life of CIF and TCCF, Pignatti and his Scarabaeus team ran TCCF as a Ponzi scheme, ransacked CIF (with Neue Helvetische Bank's complicity) of its assets to keep the TCCF Ponzi scheme afloat and pay their fees, banking on the SVG regulators, Financial Intelligence Unit and even the Director of Public Prosecutions to not act.
European investors, totally unaware of SVG as a fund jurisdiction, were defrauded by Pignatti and Scarabaeus & Fortuna, using SVG's remoteness as an arm's length shield to protect their misdeeds and financial crimes.