Bankruptcy of Innovative Financial Strategies Group SA (IFSG)

Bankruptcy of Innovative Financial Strategies Group SA (IFSG), also trading as Witter Walwyn Overseas Ltd
On 9 November 2010 the District Court of Amsterdam has appointed Mr. E.W. Baart of Van Diepen Van der Kroef Advocaten as receiver in the bankruptcy of Innovative Financial Strategies Group SA (IFSG). IFSG was doing business under the name Witter Walwyn Overseas Ltd. The Public Prosecutor’s Office petitioned for the bankruptcy in its investigation into a large-scale investment fraud. According to the Public Prosecutor’s Office 1,150 investors worldwide are affected adversely. The activities were conducted in “boiler rooms” at various locations in Amsterdam. The Public Prosecutor’s Office estimates the damages incurred by the investors at approximately EUR 38,000,000.00. The court appointed receiver shall identify and list the investors and look into available means of recovery. As of Monday 15 November 2010 affected investors can register through curatorifsg@vandiepen.com

Fourth public report click here.

For Dutch click here