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Prison sentence for Malta Falcon Funds fraudster in Sweden
Falcon Funds fraudster convicted six years nine months in case that cost Bank of Valletta €29.5 million settlement
12 March 2021, 6:25am
by Matthew Vella
A Swedish court has sentenced two men to six years, nine months in prison for having defrauded a Maltese pension scheme that lost millions in Swedish savers’ money.
Max Serwin, who operated in Malta under the alias of Emil Amir Ingmanson, and co-conspirator Afram Georgo, misappropriated the savings in Falcon Funds to turn them into suspicious ‘loans’ to other Swedish companies.
The Falcon fiasco cost Bank of Valletta in Malta €26.5 million in a settlement with the Swedish pensions authority, which held it liable for the pension as one of the guarantors of the fund.