MANHATTAN (CN) – Grant Ivan Grieve defrauded investors of $11 million through his Finvest hedge funds, and continues running the scam in Europe from his home in Israel, the SEC says in Federal Court. Among the frauds alleged in the federal complaint are that Grieve told his suckers he had $118 million in a trading account, though the true balance was $65 in the hole.
Grieve’s hedge funds are or were called Finvest Asset Management and Finvest Fund Management. He is accused of cooking the books, fabricating financial statements and fabricating auditors.
Grieve issued press releases this year claiming that he had left the United States to “expand his European operations” and “‘solidify’ his European base,” the complaint states. He claims to have $2.8 billion under management in his European operations, and announced that he will be opening offices in Zurich, London and Cypress, the SEC says. It adds that Grieve has been “placating existing European investors with fabricated documents” – including the one about having $118 million in an account that actually contains negative $65.