Investment fund sues CSSF for €99 million
LFP 1 SICAV has filed a civil claim against the CSSF for gross negligence. The directors of the fund claim the regulator turned a blind eye to blatant fraud with the fund between 2014 and 2019, and can therefore be held responsible for the losses in the fund.
CSSF suspends critical fund director
The CSSF has suspended David Mapley from his duties as the director of the Luxembourg-domiciled LFP 1 Equity Power Fund. The regulator claims Mapley, a vocal critic of the CSSF, had provided ‘incomplete and incorrect information’ on his application to be the fund’s director.
‘CSSF fails to enforce fund regulation’
The CSSF is facilitating the defrauding of investors by failing to timely enforce regulation on funds, says David Mapley, director of the LFP 1 Equity Power Fund.
Investors complain to Esma about CSSF
Three fund directors have sent a letter to Europe’s top regulatory body to complain about a lack of action by Luxembourg’s regulator CSSF to protect investors.
They run several Luxembourg-domiciled funds, known as LFP I, that were defrauded for millions of euros, contends LFP I director David Mapley. Mapley says the CSSF ‘is really obstructing our work’ to recoup the lost funds, he told Investment Officer.