CSSF Sanctions against LFP I director David Mapley

In early 2020 lawyers representing the "alleged" fraudsters of Equity Power Fund delivered a dossier to the Luxembourg regulator ("the CSSF"), claiming that David Mapley's Declaration of Honour in support of his directorship application to the CSSF contained falsehoods and omissions.

Claim 1
- that David Mapley had not graduated with an MBA from the University of Chicago.

An "unknown" party contacted University of Chicago and requested Mapley's dates of attendance, but not degree verification. This was a deliberate omission, and thus circulated in the public domain thereafter that Mapley had only attended and not graduated with an MBA.
(18/12/19) Confirmation of degree verification and "unknown" party half-request.
(18/12/19) Confirmation of MBA degree.

Claim 2
- that David Mapley had been sanctioned by the Cayman Island Monetary Authority ("CIMA") re 2 former Shimoda funds, which were not declared to the CSSF

In 2013/14 correspondence Mapley established that both funds ceased operations in early 2000's, therefore were not audited or had a registered office thereafter. CIMA accepted these explanations and de-registered the funds from its records. In 2020 CIMA's Compliance department confirmed that there were no records or stipulations against David Mapley.

19/11/13 CIMA Letter acknowledging SEEF fund not operating since 2003
19/11/13 CIMA Letter acknowledging SRRF fund not operating since early 2000's
21/1/14 CIMA Letter SEEF de-registered due to not operating since 2003
21/1/14 CIMA Letter SRRF de-registered due to not operating since early 2000's
17/6/20 CIMA Letter Mapley has no record re sanctions at CIMA

    Timeline
  • (24/2/20) Financial Times article - Luxembourg regulator accused of failing to protect investors
  • (15/5/20) Mapley sanctioned by CSSF, 4-year ban from acting as director of a regulated entity
  • (6/8/20) Appeal against CSSF sanctions filed with Luxembourg Administrative Tribunal
  • (23/10/20) CSSF sued for gross negligence, € 100 million damages sought
  • (2/11/20) Response from CSSF lawyers, no counter-argument to appeal
  • (x/x/21) Summary court hearing to suspend CSSF sanctions
  • (30/11/21) Preliminary hearing - Appeal date scheduled for Administrative Tribunal

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