Just for info,here some pieces taken from an interesting report by Offshore Alert website, published in august 2013:
JP Funds Cayman umbrella fund hit by another major fraud
[...]In the latest incident, investors in another sub-fund - currency fund Capricorn FXG10 - were
allegedly swindled out of $26.6 million by British Virgin Islands-domiciled Global Tradewaves
Ltd., a purported securities and commodities broker operated by Mahmood Riaz, a Pakistan national
with an address in Dubai, and Waseem Ashraf, a British national with an address in Scotland.[...]
[...]Research by OffshoreAlert indicates that Global Tradewaves is part of a criminal enterprise
comprising companies in several jurisdictions, including Australia, BVI, Dubai, England, New
Zealand, and Switzerland, operating under various names, including Global Tradewaves, GTL
Trading, GTL Financial, GTL Tradeup, DCAP Financial, Trust Securities DMCC, and Elysian FX,
the latter of which appears to be the group's latest scam, operating from a web-site at
Elysian FX | Trade Forex and CFDs with a regulated FSP dealer. Another active site can be found at
GTL Trading DMCC. Last year, the media
in Italy reported that Mahmood Riaz was wanted for questioning by local police regarding an
alleged $36 million fraud by Global Tradewaves in which most of the victims were Italians. Apart
from Riaz and Waseem Ashraf, participants in the group appear to include Javaad Waseem, of
Dubai, and Masood Naseeb, who uses an address in Scotland. [...]
[...]Even though Riaz appears to be a serial fraudster with little or no credibility, senior officers of the
JP Funds and Capricorn groups have provided him with glowing "recommendations" that appear in
his profile on the business networking web-site LinkedIn. "I first met Mahmood in 2008 and since
that time we have kept and cultivated an extremely good business relationship which has been
beneficial to both our company's [sic]," wrote Philip Griffiths, Executive Chairman of JP Funds
Group and Director, JP Fund Administration (Cayman) Ltd., on May 18, 2011. "Mahmood is a
pleasure to work with and has always shown integrity and fairness in all our dealings. We are now
involved in a number of projects and I have no reservations in recommending Mahmood as a
business partner." One day earlier, Michael Rasmussen, Risk and Compliance Officer for the
Capricorn Group and Chief Operating Officer of Capricorn Currency Management (Cayman) Ltd.,
had given Riaz similar praise. "Since 2008 Capricorn has developed a strong business relationship
with GTL Trading, and in particular with Mahmood Riaz the company founder and CEO," wrote
Rasmussen. "Mahmood is truely [sic] knowledgable [sic] in building algorithmic trading systems,
integrating them with their FX aggregation platform. The fact that he is very personable makes it a
pleasure to work with him."[...]
