GoldenPeaks, the solar firm that borrowed $1.6b from lenders before rapidly unraveling in May, has been accused of moving tens of millions of euros to a company in Malta to shield it from creditors - otherwise known as a "fraudulent conveyance." Latest via @bloomberg.com. shorturl.at/W6cKz

Debt-Fueled Solar Firm GoldenPeaks Accused of Fraudulent Lending

The collapse of solar-power developer GoldenPeaks Capital followed a number of seemingly “fraudulent” transactions between some entities, according to a court-appointed administrator overseeing the gr...

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@bloomberg.com petitioned a US court to unseal/unredact documents from a lawsuit involving Davidson Kempner, a hedge fund giant, and Michael Herzog, a former top partner. The documents reveal allegations portraying turmoil at the top of the $40b fund. Story w/Jonny Browning. shorturl.at/iujt4

Davidson Kempner Ousted Ex-Partner Claims He’s Owed $80 Million

A former partner at Davidson Kempner Capital Management, one of the world’s biggest hedge funds, claims he was forced to exit the firm in a manner that has denied him $80 million he says he’s owed.

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Creditors of collapsed solar-power firm GoldenPeaks - who are owed $1.6b - are scrutinizing key Polish subsidiary Spectris. Spectris carried out much of GoldenPeaks' construction and also lent it EU164m - before itself collapsing earlier this year. Story via @bloomberg.com. shorturl.at/Qa6DI

GoldenPeaks’ Lenders Owed $1.6 Billion Scrutinize Polish Unit

A little-known Polish subsidiary of GoldenPeaks Capital is having an outsize role in the unraveling of the solar-power developer backed by lenders including Brookfield Asset Management and NordLB.

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Ketan Seth and Francisco de Borbon launched a $200m AI-focused SPAC last year. BTIG arranged the IPO, Gen. Wes Clark joined the board, hedge funds snapped up its shares. Yet acc to Spanish authorities, they were also involved in laundering proceeds of massive cocaine imports. shorturl.at/EyNJm

A Cocaine Bust in Spain Leads All the Way to Wall Street

The case, whose details are now unfolding from court documents, has all the ingredients of a Hollywood crime movie.

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Berenberg and Brookfield Asset Management are battling over the future of GoldenPeaks, a European solar power company that borrowed about $1.5 billion from lenders...only for its cash to "evaporate" in short order. It's now staring at collapse. Story via @bloomberg.com shorturl.at/brvWy

Brookfield in Fight Over Solar Firm Where Cash ‘Evaporated’

Joh. Berenberg, Gossler & Co. KG and Brookfield Asset Management Ltd. are battling over the future of GoldenPeaks, an energy company staring at collapse after borrowing $1.5 billion for European s...

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Euro Exchange Securities, FCA-regulated arm of payments group run from Miami, handled at least £2 billion for a small group of risky customers in just 12 mos before regulators seized it over fears it was facilitating money laundering. Story w/Lucca De Paoli via @bloomberg.com. shorturl.at/8OKmQ

UK Payments Firm Moved Billions for Risky Clients Before FCA Seizure

Euro Exchange Securities UK Ltd., a British payments company, handled at least £2 billion ($2.7 billion) for a small group of risky customers before regulators moved to seize the firm over fears it wa...

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UK's audit watchdog is probing multiple accounting firms and individuals who worked with collapsed property lender Market Financial Solutions. They include Magus, a firm at the heart of some of the allegations of wrongdoing that creditors have made against MFS. Via @bloomberg.com shorturl.at/AwIhu

Audit Firms of Collapsed Lender MFS Probed by UK Watchdog

The UK’s audit watchdog is probing accountancy firms linked to Market Financial Solutions Ltd., the mortgage lender backed by multiple Wall Street banks that collapsed in February.

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Latest in dispute that has flared at Davidson Kempner, giant hedge fund renowned for secrecy and lack of drama. Ex-partner Michael Herzog says CIO Tony Yoseloff operates with "uncontrolled power" and runs the $37b fund like his "personal family office." Story via @bloomberg.com shorturl.at/LQ5xu

Davidson Kempner CIO Has ‘Uncontrolled Power,’ Ex-Partner Claims

A former partner at Davidson Kempner Capital Management, one of the world’s biggest hedge funds, alleged in a court filing that Chief Investment Officer Tony Yoseloff operates with “uncontrolled power...

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Paresh Raja, the owner of collapsed mortgage lender Market Financial Solutions, allegedly used money borrowed from Wall Street banks to amass a personal property empire and a cash fortune of at least £408m, according to a lawsuit filed by administrators. Story via @bloomberg.com. shorturl.at/whUcf

MFS Founder Accused of Pocketing £408 Million Before Mortgage Firm Collapsed

The owner of collapsed mortgage lender Market Financial Solutions Ltd. allegedly used money borrowed from Wall Street banks to amass a personal property empire and a cash fortune of at least £408 mill...

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Barclays says will recover +50% of £500m loan to MFS. Yet officials winding down the collapsed mortgage firm are far from certain on how much -- if anything -- can be recouped, citing allegations of widespread wrongdoing and limited access to information. Via @bloomberg.com. shorturl.at/1HffD

Barclays Eyes Over 50% Recovery on MFS as Asset Hunt Uncertain

Barclays Plc hopes to get back much of the £500 million ($674 million) it lent to Market Financial Solutions Ltd. even as insolvency officials overseeing the now-collapsed mortgage lender remain uncer...

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There's a brokerage in Turkey that - at times this yr - has been worth more on paper than some global investment banks. Its secret, analysts say, is murky layers of conflicts that have helped pump its stock price by 40,000%. Story w/Tugce Ozsoy and Ugur Yilmaz via @bloomberg.com shorturl.at/PNfba

Behind the 40,000% Stock Surge That’s Mystifying Traders in Turkey

At first, it was just a curiosity in Turkey’s financial circles: An obscure brokerage firm with a stock that went up and up.

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Paresh Raja, founder of collapsed mortgage firm MFS, faces a £1.3b lawsuit from creditors, alleging these "missing monies" are "unaccounted for." His firm's alleged misdeeds are likely to lead to 'highly significant losses' for its Wall Street backers. Story via @bloomberg.com. shorturl.at/TDI3y

Founder of Collapsed MFS Faces £1.3 Billion Claim From Creditors

Paresh Raja, the founder of collapsed mortgage firm Market Financial Solutions Ltd., is facing a £1.3 billion ($1.8 billion) lawsuit in the UK from creditors alleging he breached his fiduciary duties.

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Barclays was replaced by Wells Fargo as a lender for a property portfolio assembled by Market Financial Solutions, days after the UK bank began freezing the now-collapsed mortgage firm’s accounts. Story w/Jonny Browning via @bloomberg.com. shorturl.at/iNymr

Wells Fargo Lent to UK’s MFS as Barclays Exited Deal, Froze Accounts

Barclays Plc was replaced by Wells Fargo & Co. as a lender for a property portfolio assembled by Market Financial Solutions Ltd., days after the UK bank began freezing the now-collapsed mortgage f...

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Davidson Kempner has quietly grown into one of the world's biggest hedge funds with ~$40b of assets and no drama. But ex-partner Michael Herzog has now filed suit in US and UK, alleging he was forced out after making whistleblower claims about CIO Tony Yoseloff's "misconduct." shorturl.at/oSFIL

Davidson Kempner Ex-Partner Says He Blew Whistle, Was Forced Out

A former top trader and partner at Davidson Kempner Capital Management accused the firm and its investing chief, Tony Yoseloff, of ousting him last year after he attempted to expose wrongdoing.

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60 Ennismore Gardens, a Knightsbridge townhouse that once counted Ava Gardner as a neighbor, is at the heart of the meltdown at UK lender MFS. Owned on paper by individual with close ties to MFS owner, it secured 2 Wall St-backed mortgages on the same day. shorturl.at/hvadP

Tangled Web of Loans Brought Down a British Property Empire

The collapse of Paresh Raja's property empire has left lenders facing up to $1.7 billion of losses and questions about their due diligence.

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Market Financial Solutions is under investigation by the Financial Conduct Authority, the first publicly disclosed action by authorities into the UK mortgage lender that collapsed owing billions to Wall Street lenders. shorturl.at/tEKF6

UK Financial Conduct Authority Announces Investigation Into MFS

Market Financial Solutions Ltd. faces an investigation by the UK financial regulator, marking the first publicly disclosed action by authorities into the mortgage lender that collapsed owing billions ...

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Just before Market Financial Solutions began to unravel amid allegations of fraud, Citi gave £100m funding line to another fast-growing UK mortgage lender: Interbridge Mortgages. MFS owner Paresh Raja is also one of the biggest shareholders of Interbridge. Story via @bloomberg.com shorturl.at/Dty5Y

Citi Gave £100 Million Credit Line to Lender Backed by MFS’ Raja

Citigroup Inc. provided a £100 million ($134 million) funding line to Interbridge Mortgages, another fast-growing UK lender backed by Paresh Raja, just as his Market Financial Solutions Ltd. was hurtl...

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The collapse of MFS, a UK mortgage lender accused of widespread fraud, has intensified concern over a growing problem in finance — what happens when lending is pushed out of the regulated banking system and into the shadows. Gift link below via @bloomberg.com. www.bloomberg.com/news/article...

Failed Lender MFS Exposes Regulatory Black Hole in UK Mortgages

The collapse of Market Financial Solutions Ltd, a UK mortgage lender accused of widespread fraud, has intensified concern over a growing problem in finance — what happens when lending is pushed out of...

bloomberg.com

Faced with a financial scandal that has ensnared some of the biggest names on Wall Street, I made the obvious move: catching a tube to the end of the Northern Line to eat a fry-up in a greasy spoon. Shoe-leather (and antacids) reporting on Market Financial Solutions here: www.ft.com/content/c522...

We visited the greasy spoon owned by MFS’s auditor (with a mortgage from MFS)

Eating a fry-up for breakfast in the name of investigative journalism

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Latest from MFS saga: a company under control of MFS CEO Paresh Raja was allegedly used to siphon off funds from entities backed by Barclays and Castlelake. Raja denies wrongdoing, says claims based on wrong info, assumptions, yet adds 'mistakes have been made.' Via @bloomberg.com shorturl.at/p12GA

MFS CEO Accused of Using Front to Defraud Barclays, Castlelake

A company closely aligned with Paresh Raja’s now-defunct mortgage lender Market Financial Solutions was allegedly used to siphon off funds from entities backed by Barclays Plc and a firm majority owne...

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Fresh allegations emerge in the demise of MFS, the failed UK mortgage lender that had been backed by Wall St. Creditors allege they're facing a £1.3b shortfall and that the firm was lending to a network of companies linked to owner and CEO Paresh Raja. Story via @bloomberg.com shorturl.at/1UGCu

Creditors of Wall Street-Backed MFS Claim £1.3 Billion Shortfall

Creditors caught up in the collapse of UK mortgage lender Market Financial Solutions Ltd. claim a network of companies linked to its owner sits at the center of an alleged fraud that helped cause a £1...

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Had a lot of déjà vu while writing this story on the small accountancy firms that audited Market Financial Solutions' books (particularly to our coverage of Sanjeev Gupta and his Stakhanovite auditors King & King). Full story below www.ft.com/content/0d53...

Web of tiny accounting firms audited collapsed MFS property lending empire

Creditors owed more than £2bn have made allegations of fraud at insolvent business

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Indian rapper Badshah. Dancers performing inside a glass dome. A vast collection of sporting and music memorabilia that has since disappeared. Behind the scenes at MFS, the UK lender backed by £2b+ of Wall Street loans that collapsed last week. Story via @bloomberg.com shorturl.at/VKdK6

MFS CEO Spent on Artwork, Parties, Indian Rapper Before Collapse

The walls of Market Financial Solutions Ltd.’s London offices were a shrine to the passions of founder Paresh Raja.

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Some creditors of MFS have warned that there may be a £930m shortfall in the collateral backing their loans as a result of so-called "double pledging" of assets. Story via @bloomberg.com. shorturl.at/EaUe8

MFS Creditors Warn of £930 Million Shortfall From Double Pledges

Some creditors of Market Financial Solutions Ltd., the failed UK mortgage firm backed by Wall Street lenders including Barclays Plc, warned there may be a £930 million ($1.3 billion) shortfall in coll...

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With a lot of eyeballs on the collapse of Market Financial Solutions, it's worth reading this brilliant @bloomberg.com story from 2024. The MFS group was one of the biggest lenders behind the UK property empire of Bangladeshi politician Saifuzzaman Chowdhury. shorturl.at/GiLY3

The Bangladeshi Politician and His £200 Million UK Property Empire

A former land minister has amassed more than 350 properties adding to concerns over the ability to scrutinize inflows of foreign money into Britain

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As MFS hurtled toward collapse in London this week, the setting was new, but themes felt familiar...After failures of Tricolor and First Brands, MFS risks becoming latest obscure finance firm to saddle Wall Street banks with losses amid claims of fraud. Story via @bloomberg.com shorturl.at/ryK8G

New Credit Blowup in London Has Wall Street Chasing Billions

As Market Financial Solutions Ltd. hurtled toward collapse in London, the setting was new, but the themes felt familiar.

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Barclays, Atlas SP Partners and Jefferies are among Wall Street firms that provided more than £2b of loans to Market Financial Solutions, a UK mortgage-finance firm that collapsed yesterday amid allegations of financial irregularities. Story via @bloomberg.com shorturl.at/RN4RM

Barclays, Atlas Among Firms Exposed to Collapsed UK Lender MFS

Barclays Plc and Atlas SP Partners are among Wall Street firms that helped arrange more than £2 billion ($2.7 billion) of loans to a UK mortgage-finance company that has unraveled amid allegations of ...

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Norway's sovereign wealth fund fired a fund manager in Turkey to which it had allocated $600m. The move came soon after local regulators accused the firm - İstanbul Portföy - of arranging illicit stock trades. Story w/Kerim Karakaya via @bloomberg.com. shorturl.at/Oom70

Norway Wealth Fund Fires Manager in Turkey After Trading Fines

Norges Bank Investment Management, Norway’s $2.1 trillion sovereign wealth fund, cut ties with a finance firm in Turkey after regulators fined one of its top managers for improper trading.

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Lars Windhorst, the embattled German financier who has faced multiple lawsuits in recent years, was sued in the US for allegedly failing to repay millions of dollars in debts arising from a bond deal with a firm in Dubai. Story via @bloomberg.com. www.bloomberg.com/news/article...

Lars Windhorst Sued in US for Reneging on Bond Repurchase Deal

Lars Windhorst, the embattled German financier who has faced multiple lawsuits in recent years, was sued in the US for allegedly failing to repay millions of dollars in debts arising from a bond deal ...

bloomberg.com

“Jes Staley tells me he is to see you a week from Monday… he is one of us,” wrote Jeffrey Epstein in a 2009 email to Sultan Ahmed bin Sulayem, chairman/CEO of DP World, one of most powerful execs in Dubai. Bleak story from @harrynwilson.bsky.social & team via @bloomberg.com tinyurl.com/yux7safm

One of Dubai’s Most Powerful Executives Discussed Sex, Business With Epstein

Emails show Sultan Ahmed bin Sulayem corresponded with the disgraced financier for more than a decade after Epstein was first jailed in 2008 for procuring a minor for prostitution

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