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MGOM.US
id: 1327
Migom Global (MGOM) Fraud Charges Case
The plaintiff has voluntarily dismissed the case, ending the lawsuit.
S.D. New York
Court1:24-cv-06600
Case number12/06/2019
Class period Start08/25/2022
Class period End10/29/2024
Lead Plaintiff motion deadline- $MGOM stockholders filed a claim against Migom Global, saying the CEO faked financial statements and diverted funds, leading to criminal charges.
- After the news, $MGOM dropped by over 90% by early 2023.
- Migom Global investors can join this case to be notified about potential recovery.
Case Details:
Migom’s CEO, Thomas Schaetti, is accused of providing fake financial statements. He secretly funneled millions from customer deposits into his own companies.
As a result, the Commonwealth of Dominica has initiated criminal proceedings against Schaetti and shut down the bank.
This led the SEC to suspend trading of Migom’s securities, causing investors to lose $750 million.
As a result, $MGOM, once valued at $100 in 2021, dropped to $10 by early 2023.
Considering all the representations, investors suspect Migom’s CEO faked financial statements and diverted funds, leading to criminal charges, the bank's closure, and $750M in losses.
Case Status
Voluntary Dismissed
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08/30/2024
Filing date
08/30/2024
Lead Plaintiff Deadline
10/29/2024