The post Migom Bank nears payout phase as Dominica moves to recover missing millions appeared on BitcoinEthereumNews.com.

Migom Bank once billed itself as the outlier that could blend crypto‑friendly liquidity with Swiss‑style discretion. Exchanges and OTC desks, weary of hearing “no” from risk‑averse majors, moved millions into Roseau, Dominica’s capital, trusting both the tiny nation’s flexible regulatory framework and Migom’s multilingual sales pitch. That optimism collapsed on 29 February 2024, when the Financial Services Unit ordered the bank to “cease business and removed director Thomas Adrian Schätti”. A month later the High Court confirmed statutory administration.  Hope returned in August 2024, when the administrator filed a 153‑page cover letter, backed by more than 14,000 pages of exhibits, mapping where the missing money went and, crucially, how it might be clawed back.  Although a class-action complaint was initially lodged in New York on 30 August 2024 based on this evidence, plaintiffs have since withdrawn that filing. They are preparing to re‑file in the near future with new and far-reaching causes of action, leveraging information gleaned from the administrator. Inside the administrator’s dossier The investigation, led by a veteran UK barrister and a team of forensic accountants, portrays Schätti as the architect of an elaborate siphon. Over several years, he funneled customer balances, regulatory capital, and even payroll‑tax withholdings into a web of quietly controlled firms in Luxembourg, Austria, Ghana, the UAE, Canada, and the United States. None of those transfers carried board approval or regulator sign‑off, prompting the administrator to brand the conduct theft and embezzlement. Two long‑time lieutenants – Juergen Blaha and Gregory Donahue (a.k.a. Greg Mancuso) are listed as accomplices who “aided and abetted” the outflows. The richest seam of evidence lies in the Baltics. Roughly €21 million was traced to Latvia, where Schätti and associates used Migom funds to buy a stake in Baltic International Bank SE, a lender whose own license was yanked on…

---

Filed under: News - @ April 28, 2025 3:24 pm