‘Double counting’ to blame for fund’s failure

fraud | Bungling of accounts adds to furore over fund liquidation

LONDON – The admission that the chief investment officer of Charles Schmitt & Associates (CS&A) may have “counted $30m twice,” has added to the bizarre aftermath to the June 21 provisional liquidation of the British Virgin Islands-domiciled CS&A Absolute Return Fund on allegations of manager fraud.

Hong Kong’s Securities and Futures Commission (HKSFC) successfully petitioned for the freezing of the personal assets of Charles Schmitt, CS&A’s managing director, based on “irregular transfers” from t

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