We have seen this story play out before.
Russian fund manager and entrepreneur, German Lillevyali, who is – or was – President of GL Financial Group, a Swiss- and U.K.-licensed asset manager with branches in Moscow, Zurich, Geneva, London, Cyprus, and Belize, has disappeared without a trace. The professional investors who according to Bloomberg had $250 million under management at the end of last fiscal year, may have disappeared to Cyprus or some other Russia-friendly jurisdiction.
A recent Facebook post under the name of “German Lillevyali” attempted to soothe a group of investors who had concerns about GL Financial Group’s solvency.
“I promise you the money is safe,” it said. “I will return it personally, there is nothing to worry about. Please send me a personal message if you want more information,” the Facebook post read.
The flagship company of the group is GL Asset Management. It appears that Lillevyali lured in…